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Asked by: Leonid Opgenoort
business and finance debt factoring and invoice discountingWhat are the terms in accounting?
Accounting Terms. Accounts Payable - Accounts Payable are liabilities of a business and represent money owed to others. Accounts Receivable - Assets of a business and represent money owed to a business by others. Accrual Accounting - Records financial transactions when they occur rather than when cash changes hands.
Moreover, what are the basic terms in accounting?
42 Basic Accounting Terms All Business Owners Should Know
- Accounts Payable (AP) Accounts Payable include all of the expenses that a business has incurred but has not yet paid.
- Accounts Receivable (AR)
- Accrued Expense.
- Asset (A)
- Balance Sheet (BS)
- Book Value (BV)
- Equity (E)
- Inventory.
Correspondingly, what do you mean by accounting terminology?
Accounting Terms. Accounting - Accounting keeps track of the financial records of a business. In addition to recording financial transactions, it involves reporting, analyzing and summarizing information. Accounts Payable - Accounts Payable are liabilities of a business and represent money owed to others.
In bookkeeping, “balance” is the difference between the sum of debit entries and the sum of credit entries entered into an account during a financial period. When total debits exceed total credits, the account indicates a debit balance.