Asset classesĪsset class definition: An asset class is a group of securities that behaves similarly in the marketplace.
Fixed assets (FA) are long-term and will likely provide benefits to a company for more than one year, such as a real estate, land or major machinery. Typically, this could be cash, inventory or accounts receivable. Assets (fixed and current) (FA, CA)Īssets (fixed and current) definition: Current assets (CA) are those that will be converted to cash within one year. Accounts payable (AP)Īccounts payable (AP) definition: The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered. Accounting (ACCG)Īccounting (ACCG) definition: A systematic way of recording and reporting financial transactions for a business or organization. Accounts receivable (AR)Īccounts receivable (AR) definition: The amount of money owed by customers or clients to a business after goods or services have been delivered and/or used. That way, when you start your accounting education journey, you’ll already feel like you’re a step ahead and speaking the language. Basic accounting terms, acronyms, abbreviations and concepts to rememberĬheck out these basic accounting definitions and start to commit them to memory. To help you get started, we compiled an assortment of basic financial terms and acronyms and created this simple accounting glossary for beginners. It's time to roll up those sleeves and start building your accounting vocabulary. Knowing how to “talk the talk” will allow you to focus less on accounting definitions and more on the important training you’ll need to launch a successful accounting career. So if you’re starting to think about pursuing a career in accounting, your first step is to familiarize yourself with some of the basic accounting terms, acronyms and abbreviations in the field.īecause of the confusing credentials, different accounting myths and these industry terms, it’s not uncommon for people to think working in accounting is inaccessible when really it just has its own unique language. And knowing the lingo is an entry-point into the inner circle-an indicator that you truly belong. It seems every industry has its own secret language. Transfer Credit & Other Knowledge Credit™ Information Technology Project Management.Information Technology Project Management Human Resources and Organizational Leadership.Human Resources and Organizational Leadership
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