📚 Accounting Equation Assets = Liabilities + Equity.

📆 Accounting Period The time frame for recording and reporting business transactions.

🔄 Adjusting Entries Journal entries made at the end of an accounting period.

🗂 Amortization Gradual reduction of an intangible asset's value.

📈 Asset Turnover Ratio How effectively a company uses assets to generate revenue.

🏦 Assets Tangible or intangible items owned by a business.

🏗 Bad Debt Money owed to a company that's unlikely to be paid.

⚖️ Balance Sheet A financial statement comparing assets, liabilities, and equity.

📉 Bank Reconciliation Report explaining differences between bank balance and statements.

🌐 Bankruptcy Legal status of a person or entity that cannot repay debts to creditors.

📚 Book Value The value of an asset according to its balance sheet account balance.

🏦 Capital Financial assets or the financial value of assets, such as cash.

🏗 Capital Expenditure Spending to buy, maintain, or improve fixed assets.

📊 Cash Basis Accounting Revenues and expenses are recorded when cash is exchanged.

💧 Cash Flow The movement of money in and out of a business.

📅 Cash Flow Statement A financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents.

📈 Chart of Accounts Categorization of revenue and expense transactions.

💵 Cost of Goods Sold (COGS) The cost to create a product or service sold to customers.

🔄 Closing Entries Journal entries made at the end of an accounting period.

📚 Compliance Adherence to laws, regulations, guidelines, and specifications relevant to its business.

🔍 Contra Account An account used to reduce the value of a related account.

🧮 Credit An entry recording an amount received.

📚 Creditors Entities that a company owes money to.

📖 Debit An entry recording an amount spent.

📈 Depreciation Allocation of the cost of a tangible asset over its life.

📊 Double-Entry Bookkeeping Every transaction is recorded in at least two accounts.

📉 Equities The value of a business after liabilities are subtracted from assets.

📖 Equity The residual interest in the assets of a business.

📚 Expense Category Categorizing expenses into different buckets.

🧾 Expenses Costs incurred to keep a business running.

📝 Fiscal Year A one-year period for financial reporting and budgeting.

🔍 Fixed Assets Long-term tangible assets used in operations.

🔄 General Journal The primary bookkeeping journal for recording transactions.

📈 General Ledger A complete record of all of a business's accounts.

📊 Gross Margin Difference between revenue and COGS, divided by revenue.

🏦 Income Money received, especially on a regular basis, for work or through investments.

📈 Income Statement A financial statement showing profits and losses.

📊 Inventory Raw materials, work-in-progress, and finished goods for sale.

📉 Journals Books where transactions are initially recorded.

📈 Liabilities Debts and obligations of a business.

📉 Liquidity How quickly and easily an asset can be converted to cash.

🔢 Net Income Total earnings, calculated as revenues minus expenses.

📚 Operating Expenses Expenses incurred in regular business operations.

📉 Payable Turnover A measure of the rate at which a company pays off suppliers.

💼 Payroll List of employees and their payments.

🧮 Profit A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

📅 Profit Margin A measure of profitability calculated as net income divided by revenues.

🔄 Receivable Turnover Efficiency of using assets.

📅 Revenue Income generated from normal business operations and includes discounts and deductions for returned merchandise.

📅 Revenue Recognition Determining the specific conditions for revenue recognition.

🔄 Single-Entry Bookkeeping Recording one journal entry for each transaction.

🔄 Sunk Cost A cost that has already been incurred and cannot be recovered.

📚 Trial Balance A statement checking debits and credits accuracy.

📊 Variable Costs Costs that vary with production level.

📊 Worksheet A spreadsheet for preparing financial statements.

📑 Accounts Records of financial transactions for a business.

💸 Accounts Payable Money owed to vendors or suppliers.

💰 Accounts Receivable Money yet to be received from customers.

📊 Accruals Expenses incurred but not paid yet, or sales not yet paid for.

🏗 Accrual Accounting Recording revenues and expenses when they are incurred, regardless of when cash is exchanged.

📈 Adjustment An accounting entry made into a journal to record changes in value.

📊 Allocation The process of assigning a cost, or a group of costs, to one or more cost objective(s), in reasonable proportion to the benefit provided or other equitable relationship.

🔄 Amortization Schedule A table detailing each periodic payment on an amortizing loan.

📉 Audit An official inspection of an individual's or organization's accounts.

🏦 Auditor A person authorized to review and verify the accuracy of financial records.

📈 Bank Statement A statement issued by a bank describing the activities in a client's account.

📊 Billing Process of sending an invoice to customers for goods or services.

📉 Bookkeeping The recording of financial transactions and is part of the process of accounting in business.

🏦 Budget An estimate of income and expenditure for a set period of time.

📈 Capital Budgeting The process a business undertakes to evaluate potential major projects or investments.

📊 Cash Accounting An accounting method where payment receipts are recorded during the period they are received.

💸 Cash Discount An incentive that a seller offers to a buyer for paying a bill owed before the scheduled due date.

📑 Cash Receipts The collection of money, typically in the form of cash.

📈 Certified Public Accountant (CPA) A title given to accounting professionals who have passed the Uniform Certified Public Accountant Examination.

💵 Charge A formal accusation of wrongdoing.

📉 Creditor A person or company to whom money is owed.

💰 Current Assets Assets that are expected to be converted to cash within a year.

📊 Current Liabilities A company's debts or obligations that are due within one year.

📈 Current Ratio A liquidity ratio that measures a company's ability to pay short-term obligations.

🧾 Debt Money owed by one party, the borrower or debtor, to a second party, the lender or creditor.

📚 Debtors People or entities that owe money.

📊 Deferred Revenue Payment received in advance for services which have not yet been performed.

📈 Depreciation Expense The allocated amount of the cost of an asset over its useful life.

📉 Direct Costs Costs that can be directly attributed to the production of the goods or services.

🏦 Discount A reduction in the usual cost of something.

💰 Dividend A sum of money paid regularly by a company to its shareholders.

📊 Earnings Money obtained in return for labor or services.

📈 Earnings Before Interest and Taxes (EBIT) An indicator of a company's profitability.

📉 Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) A measure of a company's overall financial performance.

💸 Economic Life The period over which an asset is expected to be used.

📚 Equity Financing The process of raising capital through the sale of shares.

📈 Fair Market Value The price at which a property would sell in the marketplace.

💰 Financial Accounting The process of recording, summarizing, and reporting the myriad of transactions resulting from business operations.

📊 Financial Analysis The process of evaluating businesses, projects, budgets, and other finance-related transactions.

📉 Financial Statements Written records that convey the business activities and the financial performance of a company.

📚 Fixed Charge A recurring, fixed spending or expense that is firm and cannot be changed.

💸 Fixed Costs Costs that do not change with the level of goods or services produced.

🏦 Fixed Interest Rate An interest rate on a liability that remains the same.

📈 Fixed Rate Loan A loan where the interest rate doesn't fluctuate.

💰 Forensic Accounting The use of accounting skills to investigate fraud or embezzlement.

📊 Fund Accounting A system of accounting used by non-profit organizations.

📉 Gains Profits earned from selling assets.

📚 Goodwill An intangible asset associated with the purchase of one company by another.

🏦 Gross Income Total income from all sources before deductions or taxes.

💸 Gross Profit Revenue minus the cost of goods sold.

📈 Income Tax A tax that governments impose on financial income generated by all entities within their jurisdiction.

📊 Indirect Costs Costs that are not directly accountable to a cost object.

💰 Intangible Assets Non-physical assets such as patents, trademarks, and copyrights.

📉 Interest The charge for the privilege of borrowing money.

📚 Internal Audit An organizational initiative to monitor and analyze its own business operations.

🏦 Inventory Management The supervision of non-capitalized assets and stock items.

💸 Investment The action or process of investing money for profit.

📈 Journal A detailed account that records all the financial transactions of a business.

📊 Ledger A book or other collection of financial accounts.

💰 Liability Insurance Insurance that provides protection against claims resulting from injuries and damage to people and/or property.

📉 Loan A sum of money that is borrowed and expected to be paid back with interest.

📚 Long-Term Liabilities Liabilities with a future benefit over one year.

🏦 Market Value The amount for which something can be sold on a given market.

💸 Matching Principle Recognizing expenses in the same period as related revenues.

📈 Materiality The significance of financial information to decision-making.

📊 Maturity The time at which payment to a bondholder is due.

💰 Mortgage A loan secured by the collateral of some specified real estate property.

📉 Net Assets Total assets minus total liabilities.

📚 Net Worth The amount by which assets exceed liabilities.

🏦 Operating Income The profit realized from a business's own operations.

💸 Operating Lease A lease whose term is short compared to the useful life of the asset.

📈 Operating Profit Profit from business operations after operating expenses are subtracted from gross profits.

📊 Overhead An ongoing expense of operating a business.

💰 Partnership A legal form of business operation between two or more individuals.

📉 Pension Plan A type of retirement plan that provides monthly income in retirement.

📚 Performance Audit An examination of a program, function, operation or the management systems and procedures.

🏦 Petty Cash A small amount of cash on hand used for paying expenses.

💸 Prepaid Expenses Future expenses that have been paid in advance.

📈 Principal The original sum of money borrowed in a loan.

📊 Profit and Loss Statement A financial statement that summarizes the revenues, costs, and expenses incurred during a specific period.

💰 Quick Ratio An indicator of a company's short-term liquidity.

📉 Real Estate Property consisting of land or buildings.

📚 Receivables Amounts owed to a company.

📈 Retained Earnings The portion of net income retained by a company instead of being paid to shareholders.

📊 Revenue The total income generated from normal business operations.

📉 Sarbanes-Oxley Act (SOX) A law passed to protect investors from fraudulent financial reporting by corporations.

📑 Shareholder Equity The owners' residual interest in the assets of a corporation after debts have been paid.

💼 Standard Costing A cost accounting method using standard costs to value the cost of goods sold and inventory.

🗓 Statement of Cash Flows A financial statement showing a company's inflows and outflows of cash.

📚 Subsidiary Ledger A group of similar accounts whose combined balances equal the balance in a specific general ledger account.

🔄 Tangible Assets Physical assets, such as machinery, buildings, or land.

📝 Tax Accounting Accounting methods focused on taxes rather than the appearance of public financial statements.

🏦 Time Value of Money The concept that money available now is worth more than the same amount in the future due to its earning capacity.

📚 Trial Balance A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals.

📈 Unearned Revenue Money received by a company for a product or service that has yet to be delivered or provided.

🔄 Variance Analysis A quantitative investigation of the difference between actual and planned behavior.

📉 Working Capital The difference between a company's current assets and current liabilities.

📅 Year-End The end of a company's financial year, when it closes its books and prepares financial statements

🔄 Accounts Payable (A/P) The ledger account showing amounts a company owes but has not yet paid to its creditors.

📊 Accounts Receivable (A/R) The ledger account representing money owed to a business by its customers for goods or services that have been delivered or used but not yet paid for.

📚 Accrual Basis Accounting An accounting method where income and expenses are recorded when they are earned or incurred, regardless of when the cash is actually received or paid.

💼 Asset Account An account that tracks the value of items a business owns, including cash, equipment, inventory, and real estate.

📈 Audit Log A feature in QuickBooks that provides a detailed history of all the changes made in the account, including who made them and when.

🧾 Balance Sheet A financial statement that shows the assets, liabilities, and equity of a business at a particular point in time.

💰 Bank Feeds A feature that allows users to connect their bank accounts and credit cards to QuickBooks for automatic transaction importing.

🔄 Billable Expense Expenses incurred on behalf of a client that a business plans to bill to the client.

📉 Cash Basis Accounting An accounting method where income and expenses are recorded when they are actually received or paid.

💸 Chart of Accounts A complete listing of a company's accounts and balances, used to organize the business's financial transactions.

📑 Class Tracking A feature in QuickBooks that allows users to track account balances by department, business office, or another category.

📊 Credit Memo A document issued to a customer, showing a reduction in the amount that the customer owes.

💼 Customer In QuickBooks, a record representing an individual or company that your business sells to.

📖 Estimate A quote or bid that outlines the cost of goods or services you plan to provide to a customer.

🧾 Expense Account An account used to track money spent on items that are used up or have no lasting value.

📈 Fixed Asset A long-term tangible asset, like buildings, machinery, or equipment, used in the operations of a business.

🔄 General Ledger The master set of accounts that summarize all transactions occurring within an entity.

📊 Inventory Items a business intends to sell to customers that are tracked in terms of quantity and value.

💰 Invoice A document issued to a customer, requesting payment for goods or services provided.

📑 Item List In QuickBooks, a list of products and services that a business sells.

📉 Journal Entry An accounting transaction entered directly into the general ledger.

🔄 Liability Account An account used to track debts or obligations of the business.

💼 Payroll The process by which employers pay an employee for the work they have done.

📖 Profit and Loss Statement (P&L) A financial statement that summarizes the revenues, costs, and expenses incurred during a specific period.

🧾 Purchase Order A document issued to a vendor to order goods or services.

📈 QuickBooks Online (QBO) The online version of QuickBooks, a cloud-based financial management software.

🔄 Reconciliation The process of matching transactions entered into QuickBooks with bank or credit card statements.

📊 Sales Receipt A record in QuickBooks that documents a sale transaction where payment is received at the time of the sale.

💰 Vendor A person or company that supplies goods or services to a business.

📑 Write-Off The accounting action taken to record the unrecoverable value of an asset in the books.