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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 them at the end.
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. Accounts Payable: Amounts due from your business to your creditors.
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: 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.
Seemingly simple accounting terms are often more nuanced than they appear, and that’s where we come in. Your CRI CPAs will help you understand all the accounting terms and concepts you encounter.
Accounting: The process of recording, analyzing, reporting and interpreting the financial affect of business activities. Accounting basis: Refers to how financial transactions are measured for recording purposes. i.e. cash basis vs accrual basis, historical cost basis, going concern basis.
we demystify key accounting definitions and terms, making it easier for you to navigate this important financial aspect. Accounting Period Time period for which financial statements are prepared (e.g. month, quarter, year).
