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A systematic process of recording, measuring, identifying & communicating all the financial transactions of a firm is called as accounting. Accounting is very important in knowing about the financial health of a firm. It help the firm and its managers know the funds available with them , how judiciously they have used their funds and at what rate they are burning their financial resources in order to reach their financial goals. Accounting is generally carried out by an individual having in depth knowledge for accounting terms and practices. These individuals are also known as accountants. The accounting principles followed by these individuals are generally knows as Generally Accepted Accounting Principles or GAAP.


It is a mandatory for all the firms registered under a jurisdiction to do a proper accounting audit on a regular basis and submit proper financial and audit documents to the authorities. All firms and individuals carrying out the audit are required to strictly adhere to the GAAP.


Accounting also plays a vital role in informing a company’s management about the financial information required to chart out the future plan of a company. It plays a key role in short term and long term decision making and planning of a company. This information is mostly kept as a secret and is distributed among the stakeholders of the company. Accounting can be thus defined as an important instrument in keeping a company or firm economically viable and stable. It is a very vast subject and study of accounting is broken down into various accounting terms and practices.


Some of these terms are listed below:-


  1. Financial Accounting
  2. Accounting ethics
  3. Accounting information system Assets
  4. Cost and Management Accounting   
  5. Principles of Auditing
  6. Balance sheet
  7. Big Four auditors
  8. Bond
  9. Bookkeeping
  10. Book value
  11. Cash basis accounting
  12. Cash-basis versus accrual basis accounting
  13. Cash flow statement
  14. Common stock
  15. Comprehensive income
  16. Construction accounting
  17. Convention of conservatism
  18. Convention of disclosure
  19. Cost accounting
  20. Cost of capital
  21. Cost of goods sold
  22. Creative accounting
  23. Credit
  24. Credit note
  25. Current asset
  26. Current liability
  27. Debitcapital reserve
  28. Debit note
  29. Debt
  30. Deficit (disambiguation)
  31. Depreciation
  32. Diluted earnings per share
  33. Dividend
  34. Double-entry bookkeeping system
  35. Dual aspect
  36. Generally Accepted Accounting Principles
  37. Going concern
  38. Goodwill
  39. Governmental Accounting Standards Board
  40. Historical cost
  41. Income
  42. Income statement
  43. Intangible asset
  44. Interest
  45. Internal audit
  46. International Accounting Standards 
  47. International Federation of Accountants
  48. International Financial Reporting Standards
  49. Inventory
  50. Investment
  51. Invoices
  52. Indian Accounting Standards
  53. Job costing
  54. Journal
  55. Lean accounting
  56. Ledger 
  57. Liability
  58. Long-term asset
  59. Long-term liabilities
  60. Management accounting
  61. Management Assertions
  62. Mark-to-market accounting
  63. Matching principle
  64. Materiality
  65. Money measurement concept
  66. Mortgage loan
  67. Negative assurance
  68. Net income
  69. Notes to the Financial Statements
  70. OBERAC
  71. Online Accounting
  72. Operating expense
  73. Ownership equity
  74. Payroll
  75. Petty cash
  76. Philosophy of Accounting
  77. Preferred stock
  78. Price earnings ratio
  79. Positive accounting
  80. Positive assurance
  81. Profit and loss account
  82. Pro-forma amount
  83. Production accounting
  84. Project accounting
  85. Retained earnings
  86. Revenue
  87. Revenue recognition
  88. Security
  89. Social accounting
  90. Spreadsheet
  91. Statement of Retained Earnings
  92. Statutory accounting principles
  93. Stock option
  94. Stock split
  95. Senior Debt
  96. Stock - Shareholder - Shareholders' equity
  97. Sunk cost
  98. Throughput Accounting
  99. Trade credit
  100. Treasury stock
  101. Trial balance
  102. UK generally accepted accounting principles
  103. Unified Ledger Accounting
  104. U.S. Securities and Exchange Commission
  105. US generally accepted accounting principles
  106. Work sheet
  107. Write off



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