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My Accounting Course accounting and business dictionary explains 1,000s of accounting terms in plain english. Search all our terms and learn today!
My Accounting Course accounting and business dictionary explains 1,000s of accounting terms in plain english. Search all terms that start with the letter A.
In all modern accounting systems, the general ledger is computerized. A general ledger divides accounts into three account types: assets, liabilities, and equity accounts. What Does General Ledger Mean?
Some accounting principles come from long-used accounting practices where as others come from ruling making bodies like the FASB. It’s important to have a basic understanding of these main accounting principles as you learn accounting.
Definition: Accounting is the process of identifying and recording business events as well as presenting and communicating this financial information to end-users in a meaningful way. In other words, accounting is more than just recording the debits and credits of transactions.
Definition: Accounting standards are rules and guidelines set up by governing bodies, like FASB and IASB, to keep accounting practices consistent and understandable across all companies and industries.
Definition: An account is a record in an accounting system that tracks the financial activities of a specific asset, liability, equity, revenue, or expense. These records increase and decrease as the business events occur throughout the accounting period.
My accounting dictionary is written completely in everyday, non-accounting language, so you can understand it. I explain each accounting term in detail and give a few examples… Read more…
An accounting journal entry is the written record of a business transaction in a double entry accounting system. Every entry contains an equal debit and credit along with the names of the accounts, description of the transaction, and date of the business event.
This free, online accounting course breaks down basic accounting topics like accounting principles, debits and credits, the accounting equation, and more accounting concepts into easy-to-read examples, so you can learn accounting faster.