Accounting terminology

In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset). The balance sheet of a firm records the monetary value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business. Total assets can also be called the balance sheet total.

accounting financial summary

seamless, chronological and factual ordered recording of all business processes in a company based of documented evidence

financial statement of a company: shows the company’s revenues and expenses during a particular period

Accounting standard issued by the IFRS Foundation

field of business administration, part of the internal accounting system of a company

financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing and financing activities

measure of the profitability of a business venture

movement of money into or out of a business, project, or financial product

assets and property that cannot easily be converted into cash, like property, plant or equipment

financial transaction and a type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount

central data structure in the practice of accounting

transactions in which the ownership of companies, other business organizations or their operating units are transferred or combined

accounting term for the intangible asset recognized when a firm is purchased as a going concern

legally enforceable claim for payment to a business by its customer/ clients for goods supplied and/or services rendered in execution of the customer’s order

costs associated with the procurement and maintenance of, and improvements to, the fixed assets of an organisation

list of financial accounts used in the organization's general ledger

audit conducted to ensure financial statements are in accordance with specified criteria

amount of money that remains in a deposit account

list of all business accounts in a ledger

central repository for accounting data

ongoing cost for running a product, business, or system

money owed by a business to its suppliers

profit that results from a sale of a capital asset, such as stock, bond or real estate, where the sale price exceeds the purchase price

amounts added or subtracted to account ledgers

accounting term for the spreading of payments over multiple periods

financial statement explaining the changes in a company's share capital, accumulated reserves and retained earnings over the reporting period

method in managing inventory and financial matters

accounting of engagements from disputes or litigation which have or are expected to happen

fundamental equation of the double-entry bookkeeping model

accounting method

XBRL (eXtensible Business Reporting Language) is a freely available global framework for exchanging business information. XBRL allows the expression of semantics commonly required in business reporting. The standard was originally based on XML, but now supports reports in JSON and CSV formats in addition to the original XML-based syntax. XBRL is also increasingly used in its Inline XBRL variant, which embeds XBRL tags into an HTML document. One common use of XBRL is the exchange of financial information, such as in a company's annual financial report. The XBRL standard is developed and publish

relating gross profits to net sales

accounting framework

original monetary value of an item

carrying value of goods sold during a particular period

In accounting and finance, an accrual is an asset or liability that represents revenue or expenses that are receivable or payable but which have not yet been paid.

accounting practice

comparison of bank statements and records

equity reserve (share premium) above par value

accounting method

credit extended by one trader to another when the goods and services are bought on credit

naturally occuring physical damage from normal wear and aging

accounting system used for special reporting requirements

accounting method

Exchange of equity-based assets

accounting model

the increase value of finance over time

Process in corporate finance

Year-to-date (YTD) is the period starting from the beginning of the current year (either the calendar year or fiscal year) and continuing up to the present day.

SG&A (alternately SGA, SAG, G&A or SGNA) is an initialism used in accounting to refer to Selling, General and Administrative Expenses, which is a major non-production cost presented in an income statement (statement of profit or loss).

time when financial transactions are reported