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Accounting Vocabulary
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Working Capital
Current assets minus current liabilities, indicating a company's short-term financial health.
Trial Balance
A report that lists all ledger account balances to check if total debits equal total credits.
Revenue
The total amount of money earned from business activities before deducting expenses.
Net Income
The profit remaining after all expenses, taxes, and costs have been deducted from revenue.
Journal Entry
A record of a financial transaction in the accounting system.
Income Statement
A financial report showing revenue, expenses, and net profit over a period.
Gross Profit
Revenue minus the cost of goods sold (COGS), before deducting operating expenses.
Financial Statements
Reports summarizing financial activities, including the balance sheet, income statement, and cash flow statement.
Expense
The costs incurred by a business in generating revenue.
Debit
An accounting entry that increases assets and expenses and decreases liabilities and equity.
Credit
An accounting entry that increases liabilities or equity and decreases assets.
Capital
Financial assets or resources that a company uses to fund operations or growth.
Bookkeeping
The recording of financial transactions in an organized manner.
Assets
Resources owned by a company that have economic value, such as cash, inventory, and property.
Amortization
The gradual reduction of a debt or intangible asset over a specified period.
Accrual Accounting
An accounting method that records revenues and expenses when they are earned or incurred, regardless of when cash is exchanged.
Budgeting
Creating and maintaining a financial plan to manage cash flow.
Book Value
The original value of an asset minus its depreciation or liability.
Cost of Goods Sold (COGS)
The expenses directly related to creating a product or service.
Accounts Receivable
Money customers or other debtors owe to a business.
Accounts Payable
Money a company owes to another party.
Liabilities
A company's debts to third parties.
General Ledger
A company's set of numbered accounts that record financial transactions. It includes assets, liabilities, equity, revenues, and expenses.
Equity
The value of a business, calculated by subtracting liabilities from assets.
Depreciation
The systematic allocation of an asset's cost over its useful life. It's recorded as an expense on the income statement.
Cash Flow
The amount of cash a business generates or spends within a period. Positive cash flow means a business is generating more money than it's spending.
Balance Sheet
A record of a business's assets, liabilities, and equity at a specific time. It's used to assess a business's financial health.
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