About Accounting Vocabulary Word List

About Accounting vocabulary Word List

Accounting is the process of record financial transactions pertaining to a business or organization company. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, financial position, summarizing a company’s operations, and cash flows.

List of Accounting Vocabulary Word List: IELTS & GRE Exam vocabulary

AccountingAccounts PayableAccounting Equation
Accounts ReceivableAccrual AccountingAccruals
AmortizationAssetAudit Trail
AuditorsBalance SheetBookkeeping
BudgetingCapital StockCapital Surplus
Capitalized ExpenseCash FlowCash Basis Accounting
Chart of AccountsClosing the BooksCost Accounting
CreditDebitDepartmental Accounting
DepreciationDividendsDouble Entry Bookkeeping
EquityFinancial AccountingFinancial Statement
Fixed AssetGeneral LedgerGoodwill
In The BlackIn The RedIncome Statement
InventoryInventory ValuationInvoice
Job CostingJournal LiabilityLiquid Asset
LoanMaster AccountNet Income
NonCash ExpenseNonoperating IncomeNote Operating Income
Other IncomePayrollPosting
ProfitProfit/Loss StatementReconciliation
Retained EarningsRevenueShareholder Equity
SingleEntry BookkeepingStatement of AccountSubsidiary Accounts
SuppliesTransactionTreasury Stock

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