Accounting helps keep a track of the financial position of the business and forms the basis for good financial planning.
While studying accountancy, you may come across several terms that you may not be familiar with.
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Accounting Equation The accounting equation lays down the relationship between total assets, liabilities and owner's equity.
The accounting equation is Total Assets = Total Liabilities Owner's Equity Accounting Event An accounting event is any event where there is a change (increase/decrease) in value of the assets, liabilities or owner equity.
Accounting Entity Assumption For legal and tax purposes, a business can be treated as a different entity from the owners.
Thus, only the transactions related to the business are recorded and not the ones related to owners.
Glossary of Accounting Terms and Definitions A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Above the Line Above the line items are those revenue and expense items that directly affect the calculation of periodic net income.
Absolute Change Absolute change is the numeric change in the value of a commodity, expense etc.
Accounting Income Accounting income is the income earned by the business over the accounting year on an accrual basis.
Accounting Measurement and Disclosure Accounting measurement and disclosure is the accounting concept that says that adequate dates should be used and disclosed for the purpose of decision-making.
Absorb/Absorption Absorb indicates that one account or group of accounts combines the amounts from similar or related accounts or groups of accounts.
Thus, the combined account is a new entity, while the old ones are removed.
Accounting Cycle An accounting cycle is the series of steps to be followed while preparing financial statements.