Fractional COO and Outsourcing Firm
  • Welcome
  • About
  • Business Operations
  • Blog
  • Contact Us
  • Downloads
  • Accounting Solutions

A Journey of Innovation & Transformation

Get to Know the Accounting Language

3/4/2016

0 Comments

 
The sky has never been the limit. We are our own limits. It’s then about breaking our personal limits and outgrowing ourselves to live our best lives.”
Picture
I will admit, the Accounting profession does have its own language – possibly just like any other profession but being ahead and familiar with not only the language but the many acronyms and abbreviations that come along with it, is very beneficial. 

​Whether you are a young professional seeking reference material, small business owner working on your balance sheet or it's your first day in your accounting position.   This information will be very useful.
​
​
Account Receivable: AR: The amount of money owed by your customers after goods or services have been delivered.
Accounts Payable: AP: The amount of money you owe creditors (suppliers, etc.) in return for good and/or services.
Balance Sheet: BS: A financial report that summarize a company’s assets (what it owns), liabilities (what it owes) and owners equity at a given time.
Cash Flow: CF: The revenue or expense expected to be generated through business activities (sales, manufacturing) over a period of time.
Credit: CR: An accounting entry that ay either decrease assets or increase liabilities and equity on the company’s balance sheet, depending on the transaction
Debit: DR: An accounting entry where there is either an increase in assets or a decrease in liabilities
Expense (Fixed (FE), Variable (VE), Accrued(AE), Operation (OE)): The fixed, variable accrued or day-to-day cost that business may incur through its operations.
Generally Accepted Accounting Principles:  GAAP: A set of rules and guidelines developed by the accounting industry for companies to follow when reporting financial data.

If you are interested in learning more about the accounting language, continue to follow our blog as we open up the Accounting World to you.
​
Author’s note: All of the basic accounting term definitions were provided by Investopedia.
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

       get our Accounting & operations Tips and News in your Inbox 

    Subscribe Today

    Archives

    March 2025
    February 2025
    July 2022
    December 2019
    September 2019
    December 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    February 2018
    December 2017
    November 2017
    August 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016

    Categories

    All
    Accounting
    Accounting Education
    Accounting Solutions
    Account Reconciliations
    Business Solutions
    Entrepreneur News
    Newsletter
    Oil And Gas
    Policies & Procedures



    Author

    My mission is to offer the best accounting and operations solutions and tips for entrepreneurs and small to mid-size companies worldwide seeking to close their process gaps with actual solutions.  


      Sign up for our email newsletter

    Subscribe

    RSS Feed

we are committed to delivering unparalleled expertise

"Our team of innovative professionals use their knowledge and experience to set your business and team of professionals  up for success.  Our extensive accounting and operations skills are a start and  key tools to company growth, building team cohesiveness, establishing clear purpose and goals, and improving process  inefficiencies.  Our services are key to businesses of all sizes.  We handle providing the detail framework to your business so that you may focus on building your business.

We also additional services and support with monthly  operational and accounting task, reconciliation and training."

Contact Us

STAY CONNECTED

DREAMS & VISION IN YOUR INBOX
JOIN IN NOW
Photo from Rennett Stowe
  • Welcome
  • About
  • Business Operations
  • Blog
  • Contact Us
  • Downloads
  • Accounting Solutions