Financial Accounting Glossary

Reference: Financial Accounting – Concepts & Applications, 11e [2010]



account An accounting record in which the results of transactions are accumulated; shows increases, decreases, and a balance.

accounting A system for providing quantitative, financial information about economic entities that is useful for making sound economic decisions. Accounting provides the means of recording and communicating business activities and the results of those activities.

accounting cycle The procedure for analyzing, recording, classifying, summarizing, and reporting the transactions of a business.

accounting equation An algebraic equation that expresses the relationship between assets (resources), liabilities (obligations), and owners’ equity (net assets, or the residual interest in a business after all liabilities have been met): Assets = Liabilities + Owners’ Equity.

accounting model The basic accounting assumptions, concepts, principles, and procedures that determine the manner of recording, measuring, and reporting a company’s transactions.

accounting system The procedures and processes used by a business to analyze transactions, handle routine bookkeeping tasks, and structure information so it can be used to evaluate the performance and health of the business.

accounts receivable A current asset representing money due for services performed or merchandise sold on credit.



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