Accounting Dictionary: A Simple Guide to Financial Business Terms Bench Accounting

accounts dictionery

He gave a detailed account of what happened → Il a donné un compte rendu détaillé des événements. Chronicle, description, history, narration, narrative, report, statement, story, version. He gave a detailed account of what had happened that night. An oral or written description of particular events or situations; narrative. Under this account, if children’s lexical representations are stored as sub-units, they are then able to access more stable units with increased accuracy. Several eyewitnesses’ accounts differed considerably from the official version of events.

Any customer or client, especially one carried on a regular credit basis.


A method of accounting where income and expenses are recorded as they’re incurred—not when money actually enters or leaves a company’s accounts. For example, when your company invoices a customer, the income is recorded immediately, even if the customer hasn’t paid yet. Accounts payable is made up of money your business owes someone, usually a vendor or supplier. This outstanding expense is listed as as a “liability” on your company’s balance sheet. Accounts payable is a part of accrual basis accounting.

A document that summarizes an aspect of your company’s finances. It relies on information found in the general ledger. Examples of financial statements include your balance sheet, income statement, and cash flow statement.

Cycle Counting

He insisted on giving us a blow-by-blow account of what had happened. The agency has lost several of its most important accounts. These are all words for a record of how much you owe for goods or services you have bought or used. Log in to your account to see how much you have spent. She received a glowing account of her son’s progress.

accounts dictionery

An amount of money deposited with a bank, as in a checking or savings account. A period of twelve months that a company or organization uses to calculate how much profit it has made and how much it owes. The costs incurred by your company in the course of earning revenue. Examples of expenses include employee wages and payments to suppliers. Some expenses are tax-deductible, and can be written off.

on account of

Harold Averkamp has worked as a university accounting instructor, accountant, and consultant for more than 25 years. He is the sole author of all the materials on If Lani can’t account for the company’s missing money, she’ll be fired from her job.

  • This post is to be used for informational purposes only and does not constitute legal, business, or tax advice.
  • A business structure similar to a sole proprietorship.
  • Accounts receivable is a part of accrual basis accounting.
  • An account is a description of an event, either written or spoken, as in When Josh came home late, his parents demanded an account of where he had been.
  • If any of the silver is missing, I’m going to hold you to account.

In double entry bookkeeping, a credit is generally the amount of money leaving an account. Each credit has a matching debit for the same amount, and vice versa. Give a good account of oneself, to behave or perform well. A formal record of the debits and credits relating to a particular person, business, etc. A formal banking, brokerage, or business relationship established to provide for regular services, dealings, and other financial transactions.

Account is one of those seemingly simple words that have a mass of different meanings. An account can be a narrative or story — a biography, for example, is an account of someone’s life. This accounting glossary isn’t an ordinary dictionary that you find in the back of one of your accounting textbooks.

  • Taking account of the high overhead, the price is not excessive.
  • The French term comes from the root conter, meaning “to tell” or “to count.” Account is used both to give an explanation and to count transactions.
  • Anyone who does business for themselves automatically qualifies as a sole proprietor.
  • A tax deduction reduces the taxable income of an individual or corporation.
  • Chronicle, description, history, narration, narrative, report, statement, story, version.

My accounting dictionary is written completely in everyday, non-accounting language, so you can understand it. I also explain each accounting term in detail and give examples of each, so you can understand the concepts behind the jargon. Once you install the accounting terms dictionary, enter the word in search box that you are looking for and get the detail explanation with the usage of it. A professional who handles high-level financial planning. They typically use information provided by a bookkeeper to put together financial statements.

Zoho Books’ Accounting Dictionary provides you explanations in plain English for all accounting terms to help you understand them in depth. An arrangement by which retail accounting a person keeps his money in a bank. Hold to account, to consider responsible and answerable. A sum of money deposited for checking, savings, or brokerage use.

Is it accounting or accounts?

Accounting is the process of recording the financial transactions especially regarding business. Accountancy is defined as the process of measuring, processing, and recording the non-financial and financial statements.

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