Finding an integrated list of financial terms and definitions is only comprehensively possible with the aid of a financial dictionary. Glossary of defined terms this glossary contains all terms defined in the 26 accrual basis international public sector accounting standards ipsass on issue as at december 31, 2008. This article is an attempt to create a glossary of financial terms, which is both compact as well as comprehensive. Accounts financial statements prepared at the end of a period to reflect the profit of loss or the period and financial position at the end of the period.
Accounting terminology can be quite a mouthful and hard to remember, especially if you dont have much prior experience with financial or management accounting. It builds on the environmental accounting glossary prepared in 20 by. Generally accepted accounting principles n must be used in the preparation of accounting records and financial statements. Financial reporting governmental financial reporting is designed to demonstrate the accountability of each organiza tion over the resources in their care. Results when a businesss income is greater than its expenses. Generally accepted uniform standards and guidelines to financial accounting and accounting principles reporting which govern the form and content of the basic financial. It builds on the environmental accounting glossary prepared in 20 by wassim youssef, volunteer of the said division. Accordingly, compliance with accounting standards will normall y be necessary for financial statements to give a true and fair. Therefore, invention and compromise were required at times when translating terms that describe concepts having no precise equivalent in the education and aid systems of spanishspeaking countries. The basis of accounting under which revenues are recorded when earned and expenditures are recorded as soon as they result in liabilities for benefits received. It participates with the financial accounting standards board fasb and the. From 401ks to zerosum investments, the glossary is an evolving reference for investors and.
Revised march 30, 2010 3 amortization gradual and periodic reduction of any amount, such as the periodic writedown of a bond premium, the cost of an intangible asset or periodic payment of mortgages or other debt. An actuary is an expert on pension scheme assets and liabilities, life expectancy and probabilities for insurance purposes the likelihood of things happening. Accounting period time period for which financial statements are prepared e. The nysscpa has prepared a glossary of accounting terms for accountants and journalists who report on and interpret financial information. The cfpbs glossary of english spanish financial terms. Glossary of financial terms and definitions wealth how.
Financial statement of a business that reports the revenue, expenses and the net income loss of a business for the fiscal period. Accounting standards developed by the asb are contained in financial reporting standards frss. Accounting is the interpretation and presentation of that data to business owners and investors. The following glossary is designed to help nonfinance experts understand some of the terminology used in public agency financial management. The bureau is publically sharing it in an effort to further the accessibility of financial information to limited english proficient persons. Terms for the updated glossary have been compiled from other entities, including the federal housing finance agency, department of.
Glossary of selected governmental accounting and financial terminology page 1 a accounting system. We have written this a to z guide to help you to understand some of the terms you will come across when you buy a house, go into business, take out insurance, invest your money and do all the other things you might have to do in your lifetime. Here is big red books definition of common accounting terminology. Glossary of financial terms and definitions alphabetically. Glossary of important business, economic, and financial history terms by robert e. Glossary of financial accounting terms pearson education. The world of accounting uses many terms to define different actions, circumstances and classifications for preparing financial statements with the most accurate information possible. Accounting activities related to orderly recordkeeping of financial information recording daily transactions preparing financial statements paying bills preparing payroll checks preparing tax forms auditing financial records examining financial records for accuracy and compliance with regulations reconciling the. Audit evidence includes both information contained in the accounting records underlying the financial statements and other information. A service that oversees, measures, and evaluates financial information for decision making. Of the financial position of the company at the accounting date auditor s report a report by an independent person or firm on an organisations financial records authorised share capital the highest amount of share capital that a company can issue, as set out by the companys memorandum of association available credit the difference between a.
Glossary this document is intended for use by university staff as a tool to understand financial terminology. As cloud accounting providers, we feel strongly about eliminating jargon and making accounting simple and accessible for everyone in this spirit, weve compiled this handy guide to the most commonly used accounting terms for your reference glossary of accounting terms. The bureau is publically sharing it in an effort to further the accessibility of financial information to limited english proficiency persons. This glossary of common financial terms was created and is used by the bureau for translating consumer education materials from english to spanish. This glossary of common financial terms was created and is used by the bureau for translating consumer education materials from english to chinese. A service that oversees, measures, and evaluates financial information for decision making purposes. An aggregation of actions performed within an organization that is useful for purposes of activitybased costing. Accounting glossary center for nonprofit excellence in. Glossary of business financial terms 1 glossary of business financial terms accrual basis accounting. Accounting fundamentals for nonaccountants last updated 29 january 2014 page 4 of 110 accounting is the recording of financial data for all receipts, expenditures, assets, liabilities and. Results when a businesss expenses are greater than its income. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala.
Glossary of terms glossary of terms annual percentage rate apr the interest rate charged, expressed as a percent per year, for the use of credit assets possessions that have economic value some of which may provide an economic andor financial return atm automated teller machine. Accounting introduction naccounting is the art of identifying, measuring, recording, and communicating economic information about an organisation or other entity, in. Page 1 of 5 glossary of cost accounting terms established in sffas 4, managerial cost accounting concepts and standards for the federal government activity the actual work task or step performed in producing and delivering products and services. A list of these ipsass is located on the inside back cover of the glossary. The total structure of records and procedures which discover, record, classify, and report information on the financial position and operations of a governmental unit or any of its funds, balanced account groups, and organizational components. A term referring to the refund of previously paid prop erty taxes due to the overvaluation of property. Know the glossary of financial terms and definitions alphabetically, which are most commonly use in indian finance. Accounting terminology can be quite a mouthful and hard to remember, especially if you dont have much prior experience with financial or. This is so a business finances can be understood all over the world a necessity with the increase of global companies and international shareholders. Audit evidence includes both information contained in the accounting records underlying the financial statements and other.
This glossary contains all terms defined in the 24 accrual basis international public sector accounting standards ipsass on issue as at december 31, 2006. Glossary of terms glossary 14 audit evidenceinformation used by the auditor in arriving at the conclusions on which the auditors opinion is based. There are concepts represented in the glossary that are unique to the american higher education and financial aid systems. Accounting standards accounting standards are authoritative statements of how particular types of transaction and other events should be reflected in financial statements.
Let us walk you through all the basics that you need know. Accounting methods inlude cash basis accounting and accrual basis accounting. Wright, director of the thomas willing institute for the study of financial markets, institutions, and regulations and the nef family chair of political economy, augustana college sd this work is. Revised march 30, 2010 2 accounting glossary the following glossary is a condensed version of the new york society of cpas accounting terms glossary. The cfpbs glossary of english chinese financial terms. The bureau created a glossary translating common financial terms into spanish in october 2015 and has updated it in 2018 with additional terms. Official promulgations, known as statements of financial accounting standards, by the financial accounting standards board fasb which are part of generally accepted accounting principles gaap in the united states.
Amortization gradual and periodic reduction of any amount, such as the periodic writedown of a bond premium, the cost of an intangible asset or periodic payment of mortgages or other debt. This glossary does not include terms defined in the cash basis ipsas, financial. Accounting terminology guide over 1,000 accounting and. However knowing what these terms mean is critical to understanding the performance of your business.
Here is a glossary of financial and accounting terms used in the field of trade business credit. It participates with the financial accounting standards board fasb and the government accounting standards board gasb in establishing accounting principles. International accounting standards board the board the board is an independent group of up to 14 experts with an appropriate mix of recent practical experience in setting accounting standards, in preparing, auditing, or using financial reports, and in accounting education. The purpose of this glossary is to provide definitions of terms that are.
The forbes financial glossary defines hundreds of finance terms to help you decode the puzzle. Gambia 2004 1accounting principles and definitions. An audit is an independent examination of an organisations records and financial statements report and accounts to make sure that. The american institute of certified public accountant has defined financial accounting as. Accounting period any period of time utilised to measure accounting performance e. The science of the management of money and other financial assets. A record that holds the results of financial transactions. Wright, director of the thomas willing institute for the study of financial markets, institutions, and regulations and the nef family chair of political economy, augustana college sd this work is not ed. The technique used to report sales, expenses, and profits. Accounting date organisations prepare their annual accounts covering a period of 12 months. Accrual the method of recording income in the period in which it is earned accounting and expenses in the period in which they are incurred rather than when they are paid or received. Bookkeeping focuses on recording and organizing financial data. Public agency financial management frequently involves terms that are unfamiliar to nonexperts, the definitions of which also involve other unfamiliar.
Phone 2015680249 glossary of utility finance and accounting terms used in our seminars letters in parenthesis, preceding the definition, identify the sources used in compiling the glossary. The financial statement showing the financial position of an enterprise by summarizing its assets, liabilities, and owners equity at a point in time or specific date. Glossary of cost accounting terms established in sffas 4, managerial cost accounting concepts and standards for the federal government activity the actual work task or step performed in producing and delivering products and services. Having launched it originally in 2004 we have now updated it with modern. Accounting terminology guide over 1,000 accounting and finance terms. Financial reports adhere to a group of taxation, accounting and legal requirements, called the international financial reporting standards. Accounts payable accounts payable refers to the amount the snp owes, but has not yet paid, for goods delivered and services. An aggregation of actions performed within an organization that is useful for purposes.
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