Essential Accounting Terms You Should Know

Entering into the accounting field can be a little confusing at first with all of the new terminologies to learn. Don’t feel left out in conversations and don’t be left behind because you aren’t sure what someone is talking about.

Whether you’re studying accounting in school, working in the accounting department of an international organization or just reviewing financial statements as an investor, you may occasionally encounter terminology that’s unfamiliar.

This accounting glossary is a handy reference for:

  • Starting your first big job
  • Learning these terms before your accounting classes
  • Completing undergraduate work
  • Preparing for the CPA exam
  • Small business owner
  • Reading financial statements

This practical glossary compiles a list of over 150 most common accounting terms you’re likely to encounter. Every accounting term is explained in detail, with clear and concise article style description and practical examples.

As a small business owner, one of the first things you should do is make sure you have a basic understanding of accounting terms. Knowing at least a few accounting key terms will make you a much more well-rounded and versatile business owner.

Make Accounting Less of a Mystery
If you do all of your own bookkeeping, understanding basic accounting terminology – that applies to business – helps you prepare your tax return, understand financial reports, and communicate with others about your business’s financial position.

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