Glossary of Bookkeeping Terms

Glossary of Bookkeeping Terms

Do you find yourself getting stuck on some accounting and bookkeeping terms? If so we’re here to help. Beyond simply understanding for yourself as a small business owner, it is of tremendous value when speaking to your team to know that everyone is on the same page with their terminology. We can help you gain the “know how” you need without feeling as though you need an accounting degree to get the job done. Our team is ready to guide and help you along the way to controlling your books. Whether you’re stuck and unable to grasp Assets, Liabilities, Equity, or your Charts of Accounts we have provided you with this quick reference glossary of some accounting terms.
Balance Sheet a/k/a Statement of Condition

Statement of financial condition of a business as of a specific date (or point in time). The three components that make up a company’s balance sheet are the assets, liabilities and equity.

Assets

Anything of value owned by a business.

Liabilities

Anything a company owes to people or businesses other than its owners.

Equity a/k/a Capital

Any debt owed to the business owners. Total assets minus total liabilities of an individual or company. For a company, also called net worth or shareholders’ equity or net assets.

Profit and Loss a/k/a Income Statement

A business’s revenue (income) and expenses for a specific period of time. The difference between the total revenue and the total expense is your business net income.

Trial Balance

A listing of the accounts in the general ledger and their balances as of a specified date; a trial balance will have the same total debit amount as it has total credit amounts.

Chart of Accounts

A list of ledger account names (categories) into which all your accounting transactions will be recorded.

General Ledger

A final entry summarizing all of a company’s financial transactions, through offsetting debit and credit accounts.

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