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Accounting: The process of gathering and preparing financial information about a business or other organisation in a form that provides accurate and useful records and enables decisions to be made. Accounting cycle: This covers everything from opening the 'books' at the start of the year to closing
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To help with this shared understanding, we’ve developed an alphabetical list of the most commonly used accounting words and phrases. This glossary includes those terms that business owners will encounter when interpreting their accounts or reviewing their financial information with their accountant.
accounting estimates Monetary amounts in financial statements that IAS 8.5 are subject to measurement uncertainty. accounting policies The specific principles, bases, conventions, IAS 8.5 rules and practices applied by an entity in preparing and presenting financial statements.
Account: A record that holds the results of financial transactions. Accountant's Equation: The equation that is the basis of the Balance Sheet: Assets = Liabilities + Owners' Equity. Accounting: A service that oversees, measures, and evaluates financial information for decision making purposes.
Accounting: Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analysing and reporting these transactions to the management, owners, government and other stakeholders.
Accounting: A method of furnishing the essential financial information to ensure that management can make informed decisions on its daily operations and provides financial control over the organization’s assets. Accounting also consists of recording, classifying and summarizing transactions of a financial nature and interpreting the results.
