Accounting: Book keeping: Concepts of accounting: A. separate entity concept B. going concern concept C. money measurement concept D.

cost concept E. dual aspect concept F. accounting period concept G. periodic matching of costs and revenue concept H. realization concept. Conventions of accounting A. conservatism B. full disclosure C. consistency D materiality. Systems of book keeping: A. single entry system B. double entry system Systems of accounting A. cash system accounting B. mercantile system of accounting. Principles of accounting a. Personal a/c : debit the receiver Credit the giver b. Real a/c : debit what comes in credit what goes out c. Nominal a/c : debit all expenses and losses credit all gains and incomes Meaning of journal: journal means chronological record of transactions. Meaning of ledger: ledger is a set of accounts. It contains all accounts of the business enterprise whether real, nominal, personal.

Above the line Account:

Accounting cycle: Accounting equation: Accounts Payable: Accounts Payable Ledger: Accounts Receivable: Accounts Receivable Ledger: Accretive: Accruals: Accrual Bond Accrual of Discount Accrual method of accounting: Accrued Income : Accrued Interest: Accrued revenue (or accrued assets) Accrued expense Accrued benefit Accrued dividend Accumulated Depreciation Account: Amortization: Annualize: Appropriation Account: Arrears Assets: Current asset Circulating assets Fixed asset

Long term asset Intermediate asset Tangible assets(Real assets) Intagible assets(Financial Assets) At cost: Audit: Audit Trail: Bad Debts: Bad Debts Reserve: Bad Debts Expense: Provision for bad debts: Reserve for bad debts: Balance Sheet: Balancing Charge: Bankrupt: Below the line: Bill: Bought Ledger: Burn Rate: Bank reconciliation statement: CAGR: Called-up Share capital: Capital: Capital account: Capital Allowances (UK specific): Capital Assets:

Capital Employed (CE): Capital Gains Tax: Capital receipts: Capital reserve: Capital expenditure: Capital income Cash Accounting: Cash Book: Cash Flow: Cash Flow Forecast: Cash in Hand: Charge Back: Chart of Accounts: Cheque: CIF (Cost, Insurance, Freight [c.i.f.]): Closing the books: Combine leverage: Compensating error: Compound interest: Contra account: Contra entry: Control Account: Cook the books Cost accounting: Cost-based pricing: Cost-benefit:

Cost centre: Cost of finished goods Cost of Goods Sold (COGS): Cost of Sales: Creative accounting Credit: Credit Note: Creditors Current cost accounting: Current Liabilities: Customs and Excise: Days Sales Outstanding (DSO): Debenture: Debit: Debit note: Debtors: Deferred expenditure Depreciation: Dilutive: Depletion: Dilapidations: Differed revenue expenditure:

Double-entry book-keeping: Dividends: Drawings:

EBIT: EBITA: EBITDA: Encumbrance: Entry: Equity: Equity shares: Error of Commission Error of Ommission Error of Original Entry: Error of Principle: Expenses: FIFO: Fiscal year: Free Cash: Factoring: Financial leverage : Fictitious assets: Fixtures & Fittings: Flash earnings: Flow of Funds: FOB: Freight collect: Gearing (AKA: leverage): General Ledger Goodwill:

Gross loss: Gross margin: Growth and Acquisition Gross profit: General reserve:

Historical Cost: Impersonal Accounts: Imprest System: Income: Inland Revenue: Insolvent: Intangible assets: Integration Account: Inventory: Invoice: Journal(s): Joint venture: Journal entries: Journal Proper: Landed Costs Ledger Leverage: Liabilities: LIFO LILO:

Long term liabilities: Loss Management accounting: Manufacturing account: Matching principle: Maturity value: MD & A Memo billing (aka memo invoicing): Memorandum accounts: Minority interest: Moving average: Multiple-step income statement (aka Multi-step Narrative: Net loss: Net of Tax: Net profit: Net worth: Nominal Accounts: Nominal Ledger: Normalize: Opening the books: Ordinary Share Original book of entry: Overheads: Operating leverage: Out standing Income :

P&L Paid-up Share capital: Pareto optimum Pay on delivery: Periodic inventory: PE ratio: Perpetual inventory Personal Accounts: Petty Cash: Petty Cash Slip: Point of Sale (POS): Post Closing Trial Balance: Preference Shares: Partnership: Pref.shares: promisory note: Posting: Petty cash book:

Posting: Pre-payments: Price change accounting: Prime book of entry: Profit and Loss Account: Profit: Profit margin:

Pro-forma accounts (pro-forma financial statements): Pro-forma invoice: Provisions: Purchase Invoice Purchase Ledger: Raw Materials: Real accounts: Realisation principle: Rebate: Receipt: Reconciling: Refund: Reserve accounts: Retail: Retained earnings: Retainer: Retention ratio Revenue Revenue receipts: Revenue income:

Run Rate Sales Sales Invoice: Sales Ledger: Self Assessment (UK only):

Self-balancing ledgers: Self-employed Selling, General & Administrative expense (SG & A): Service: Shareholders Share premium: Shares: Shares issued (aka Shares outstanding Simple interest: Single-step income statement: Sinking fund: SME Sole trader: Sole-proprietor: Source document: Stock: Stock control account: Stockholders Stock Taking: Stock valuation: Straight-line depreciation: Subordinated debt: Subsidiary ledgers: Suspense Account: Stale cheque: Trial balance:

T Account: Tangible assets: Three column cash book: Total Cost of Ownership (TCO): Trading account: Transaction Trial Balance: Turnover: Undeposited Funds Account: Value Added Tax (VAT - applies to many countries): Wages: Work in Progress: Zero Based Budget (ZBB): Zero Based Account (ZBA): Write-off