If you are an accountant of a multinational company or you have to read the company’s financial statements every day to understand the market, then surely many times, you encounter English vocabulary words. majoring in accounting. Let’s learn with riclix.com 20 extremely common terms for this topic.
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1. Accounting: Accounting
A set of concepts and techniques that are used to measure and report financial information about an economic unit.
A set of concepts and techniques used to measure and report financial information about an economic unit.
2. Accounting equation: Accounting equation
A financial relationship at the heart of the accounting model: Assets = Liabilities + Owners’ Equity.
Reflecting the financial relationship is the core issue of the accounting model: Assets = Liabilities + Equity.
3. Assets: Assets
The economic resources owned by an entity; entailing probable future benefits to the entity.
Economic resources owned by an organization; likely to bring future economic benefits to the entity.
4. Auditing: Auditing
The examination of transactions and systems that underlie an organization’s financial statements.
The examination of the transactions and systems that underlie an organization’s financial statements.
5. Balance sheet: Balance sheet
A financial statement that presents a firm’s assets, liabilities, and owners’ equity at a particular point in time.
A statement that presents a company’s assets, liabilities and equity at a particular point in time.
6. Certified public accountant (CPA): Certified public accountant (CPA)
An individual who is licensed by a state to practice public accounting.
An individual who is granted a state certificate may practice public accounting.
7. Corporation: Company
A form of business organization where ownership is represented by divisible units called shares of stock.
A form of business organization in which ownership is divided by the number of shares of stock.
8. Dividends: Dividends
Amounts paid from profits of a corporation to shareholders as a return on their investment in the stock of the entity.
Payment from a company’s profits to shareholders as a return on their investment in that company’s shares.
9. Expenses: Costs
The costs in producing revenues.
Expenses incurred to generate revenue.
10. Financial accounting: Financial accounting
An area of accounting that deals with external reporting to parties outside the firm; usually based on standardized rules an procedures.
The field of accounting deals with transactions with partners outside the company, based on rules, standardized as a procedure or regulation.
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11. Financial statements: Financial statements
Core financial reports that are prepared to represent the financial position and results of operations of a company.
Financial statements are prepared to describe the financial position and operating results of a company.
12. Historical cost principle: Original price principle
The concept that many transactions and events are to be measured and reported at acquisition cost.
The concept that transactions and events are measured and reported at purchase prices.
13. Income statement: Income statement
A financial statement that summarizes the revenues, expenses, and results of operations for a specified period of time.
A financial statement summarizes the revenues, expenses, and results of operations for a given period of time.
14. Internal auditor: Internal audit
A person within an organization who reviews and monitors the controls, procedures, and information of the organization.
An employee in an organization responsible for reviewing and monitoring the organization’s control procedures and information.
15. International Accounting Standards Board: International Accounting Standards Board
An organization charged with producing accounting standards with global acceptance.
An organization responsible for publishing and editing globally accepted accounting standards.
16. Liabilities
Amounts owed by an entity to others.
Debts of a company to other entities.
17. Managerial accounting: Management accounting
An area of accounting concerned with reporting results to managers and others who are internal to an organization.
The field of accounting deals with reporting results to managers and internal managers in an organization or a business.
18. Net income: Net income
The excess of revenues over expenses for a designated period of time.
The difference in revenue over expenses for a period.
19. Net loss: Net loss
The excess of expenses over revenues for a designated period of time.
The difference between expenses is greater than revenue for a given period.
20. Owner investments: Owner’s investments
Resources provided to an organization by a person in exchange for a position of ownership in the organization.
A person’s contribution to an organization in return is an ownership position in that organization.
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