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47 Accounting Terms, Words, & Vocabulary

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accounting vocabulary worksheet

Written by: Nick Charveron Nick

At FinancePal, we recognize that most small business owners started their companies because they were experts in providing a good or a service—not at balancing a book. Plus, accounting and bookkeeping for startups can be complex and multi-faceted. That said, sound accounting and bookkeeping are imperative to manage any company’s financial health, guide decisions for growth initiatives, and ultimately ensure your business is in good standing with its tax obligations throughout the year.

Industry jargon and complex language provides a significant obstacle for most people when trying to learn accounting concepts. That is why we provided this glossary of accounting industry terms from ecpi.edu to gain a solid baseline from which you can explore various accounting topics.

accounting vocabulary worksheet

● Accounts Payable

Money a business owes to its suppliers, vendors, or creditors for goods or services bought on credit; considered a short-term debt. Accounts payable is a crucial concept for any business operating with credit—every time a business purchases from a supplier on credit, an accounting entry is made in accounts payable.

● Accounts Receivable

The opposite of accounts payable; money owed to a business by its customers, for goods or services delivered. Accounts receivable refers to money your customers owe for goods or services purchased from you in the past. This money is typically recorded as an asset on your balance sheet; they live under the ‘current assets’ portion on your balance sheet or chart of accounts.

● Accounting Period

An accounting period is a period during the fiscal or calendar year in which accountants perform functions such as gathering and aggregating data and creating financial statements. The financial statements made during these periods are important for attracting potential investors or procuring loans from banks.

A record-keeping adjustment that recognizes business expenses and revenues before exchanges of money take place.

● Accrual-Basis Accounting

An accounting method where revenue and expenses are recorded as they are earned, regardless of when the money is received or paid. Mutually exclusive with cash-basis accounting.

Resources with economic value. Assets can reduce expenses, generate cash flow, or improve sales for businesses.

● Balance Sheet

A financial statement providing a picture of an organizations’ liabilities, assets, and shareholders’ equity at a specific moment in time. Compare the balance sheet vs. income statement .

accounting vocabulary worksheet

A person’s or organization’s financial assets. Capital may include funds in deposit accounts or money from financing sources.

● Cash-Basis Accounting

Under the cash method, income is considered constructively received the moment it is credited to a business’s account, made available without restriction, or received by an authorized agent acting on behalf of the company.

● Cash Flow

Cash flow is the total amount of money that comes into and goes out of a business.

● Certified Public Accountant

Certified public accountants (CPAs) are accounting professionals certified to practice public accounting by the American Institute of Certified Public Accountants.

● Chart of Accounts

An index of the financial accounts in a company’s general ledger, a chart of accounts provides a picture of all the financial transactions a company has conducted in a specific accounting period.

● Closing the Books

An idiom refers to accounting for all financial transactions within a certain period.

● Cost of Goods Sold

Cost of goods sold, commonly shortened to COGS (or, if applicable, referred to as cost of sales or cost of service), is simply how much it costs to produce products or services, including direct material or labor expenses. Cost of goods only includes expenses directly related to products and services. For example, a chandler business would consist of wax, wicks, glass, and ingredients in its COGS. Overhead, such as marketing spend, real estate, utilities, asset depreciation, shipping fees, and other indirect expenses do not count towards COGS.

Credits are accounting entries that either increase an equity or liability account, or decrease an expense or asset account.

The opposite of a credit, debits either increase expense or asset accounts or decrease equity or liability accounts.

● Depreciation

The depreciation accounting method determines the decreasing value of a tangible asset over its lifetime.

● Diversification

Diversification mixes many different investments and assets in one portfolio, allowing individuals or businesses to spread out risk and protect themselves from financial ruin if any investments or assets fail. Finance Pal’s own CEO and Co-founder, Jacob Dayan, provides his expert investment advice on Finder’s “ 11 pieces of investment advice from experts for beginners ” to provide individuals guidance to the best investment plan.

● Dividends

Company earnings, or profit, which a business pays to its shareholders as a reward for their investment in its equity.

● Double-Entry Bookkeeping

Put simply; double-entry accounting is a ubiquitous bookkeeping system that tracks where the money comes from and where it goes. The central tenet of double-entry accounting is after a financial transaction, each entry made into an account has a corresponding opposite entry made into a separate account. This produces two entries—thus, the name. When shown side-by-side in a ledger, the entry listed on the left side is referred to as a debit entry, while the entry displayed on the right side is called a credit entry .

● Enrolled Agent

Federally licensed tax professionals who can represent U.S. taxpayers. They must pass the three-part special enrollment examination from the IRS.

● Entity Formation

Entity formation is the process of classifying a business as an entity such as an LLC, sole proprietorship, partnership, S-Corp, or C-Corp.

The costs of conducting business. Companies can deduct some eligible expenses from their taxes.

The amount of money left over and returned to shareholders after a business sells all assets and pays off all debt.

● Fixed Cost

A type of expense, fixed costs do not change from month to month. Fixed costs include things like payroll, rent, and insurance payments.

● General Ledger

General ledgers include debit and credit account records. Companies use the information in their general ledgers to prepare financial reports and understand their financial performance and health over time.

● Generally Accepted Accounting Principles

Generally accepted accounting principles (GAAP) refer to a group of significant accounting rules, standards, and ways of reporting financial information. The Financial Accounting Standards Board sets GAAP. All publicly traded companies must adhere to GAAP, per the Securities and Exchange Commission (SEC). While not required by law for non-publicly traded companies, GAAP compliance is critical for favorable views from creditors and lenders. Most banks and financial institutions require GAAP-compliant financial statements when issuing business loans.

accounting vocabulary worksheet

● Gross Profit

The profit businesses make after subtracting the costs related to supplying their services or making and selling their products.

● Gross Margin

A business’s net sales revenue after subtracting the costs of goods sold. It represents the revenue companies keep as gross profit. An indicator of financial health, higher gross margins typically mean that a company can make more profit on its sales. Lower gross margins may mean a business needs to reduce production costs. The formula for gross margin is “Gross Margin = Net Sales – Cost of Goods Sold.”

accounting vocabulary worksheet

● Inventory

A company’s goods and raw materials used for making the products it sells. It appears on a balance sheet as an asset. The IRS permits several inventory cost methods depending on the type of inventory (for example, FIFO or LIFO). A small business accountant will know which method the IRS requires for each specific business. Using the appropriate method, the accountant will calculate your inventory cost and set the cost of goods sold formula into motion.

● Journal Entry

A business transaction recorded in a business’s general ledger.

● Liabilities

A liability is when someone owes someone else money. Types of liabilities can include loans, mortgages, accounts payable, and accrued expenses.

● Liquidity

How easily an individual or business can convert an asset to cash for its full market value. The most liquid asset, cash, can easily and quickly convert to other assets.

● Net Income

The amount an individual or business earns after subtracting deductions and taxes from gross income. To calculate the net income of a business, subtract all expenses and costs from revenue.

● On Credit

An agreement for an individual or company to pay for a good or service later. Usually an invoice will be sent with payment due at a later date.

The ongoing costs of doing business other than those related to directly creating a good or service.

HR and accounting departments typically handle payroll, the total compensation a company pays its employees for a specific time period.

● Present Value

The notion that money is worth more today than it will be in the future. This may seem confusing at first, so let’s look at an example: if you have ten thousand today, you can invest the money, earn interest, and have more than ten thousand dollars in five years. The discounted cash flow model accounts for this, so it can also help compare different investment opportunities.

● Profit and Loss Statement

The profit and loss statement (also called the income statement or shortened to “the P&L statement”) includes vital cash flow information such as revenue, costs of goods sold, and operating expenses during a particular period. It also shows the resulting net income or loss for that specific period.

Written notices acknowledging that one party received something of value from another. An acknowledgment of ownership, receipts are proof of a financial transaction.

● Retained Earnings

The amount of net income left for a business to use after paying dividends to its shareholders. A company’s management typically decides whether to keep the earnings or give them to shareholders.

● Return on Investment (ROI)

The efficiency of an investment, including the amount of return on an investment relative to its cost. Accountants can also use ROI to compare the efficiency of more than one investment. To calculate ROI, subtract the cost of investment from the current value of investment, and divide that by the cost of the investment.

accounting vocabulary worksheet

Gross income a business makes through normal business operations. To calculate sales revenue, multiply sales price by number of units sold.

●   Sales Tax

Small business sales tax is an indirect tax that is assessed on a product at the point of sale. Included within the price of the product.

● Single-Entry Bookkeeping

A type of accounting system that records the financial transactions of a business. The system uses one entry per transaction to record cash, taxable income, and tax-deductible expenses going in or out of the business. Businesses can use accounting software or even simple tables to perform single-entry bookkeeping.

● Trial Balance

A periodical bookkeeping worksheet, a trial balance compiles the balance of ledgers into credit and debit columns that equal each other. Companies create trial balances to ensure the mathematical accuracy of their bookkeeping systems entries.

● Variable Cost

Expenses that change depending on the level of a business’s production. Variable costs go up when production increases and down when production decreases. In contrast to variable cost, fixed cost refers to expenses for a company that stays the same, regardless of production. Fixed costs may include insurance, rent, and interest payments.

About the Author

accounting vocabulary worksheet

Jacob Dayan, Esq.

Jacob Dayan is a true Chicagoan, born and raised in the Windy City. After starting his career as a financial analyst in New York City, Jacob returned to Chicago and co-founded FinancePal in 2015. He graduated Magna Cum Laude from Mitchell Hamline School of Law, and is a licensed attorney in Illinois. Jacob has crafted articles covering a variety of tax and finance topics, including resolution strategy, financial planning, and more. He has been featured in an array of publications, including Accounting Web, Yahoo, and Business2Community.

accounting vocabulary worksheet

Nick Charveron, EA

Nick Charveron is a licensed tax practitioner, Co-Founder & Partner of Community Tax, LLC. His Enrolled Agent designation is the highest tax credential offered by the U.S Department of Treasury, providing unrestricted practice rights before the IRS.

accounting vocabulary worksheet

Jason Gabbard, Founder and CEO of JUSTLAW

Jason Gabbard is a lawyer and the founder of JUSTLAW.

accounting vocabulary worksheet

Andrew Jordan, Chief Operations Officer at FinancePal

Andrew is an experienced CPA and has extensive executive leadership experience.

accounting vocabulary worksheet

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English Vocabulary for Accounting (With Examples)

Want to improve your vocabulary for accounting? In this study guide, our experienced UK accountant and English teacher Kevin Simmons will walk you through the most useful vocabulary. We’ve included a list of 45 terms with clear definitions and examples in context to help you feel confident when doing accountancy in English. Ready? Let’s jump right in!

accounting vocabulary worksheet

  • General accounting terms

Balance sheet terms

  • Income statement terms

Other accounting & financial terms

  • Test your knowledge!

Conference Calls In English: Vocabulary, Tips & Examples

What you will learn:

General accounting vocabulary.

  • Balance sheet expressions
  • Other accounting & financial vocabulary
I’ve noticed that many of my English students struggle with accounting vocabulary. In this study guide, I have created a list of the most useful words and phrases to help you. I have put the terms in a sensible order, given you an easy-to-remember definition, written some example sentences and provided some synonyms. I have also included some helpful tips and facts from my own experience as an accountant.

Kevin Simmons , UK Accountant & English Teacher

Assets are everything that a company owns. This might include cars, money, buildings and machines. It also includes money which other companies owe to the company. A good way to think about assets is that an asset must have a positive value .

Example: The firm had assets worth approximately £750,000.  

2. Liabilities

A liability is money which a company owes to another company or person. Examples of this are loans from a bank or money which a company owes to its suppliers (suppliers are the companies which sell goods or provide services to other companies).

accounting vocabulary worksheet

Example: The firm’s liabilities needed to be paid as soon as possible.

3. Balance Sheet (also known as A Statement of Financial Position)

A Balance Sheet is a Financial Statement which lists all the assets and all the liabilities of a company on one particular day, which is very often 31 st December. It’s like a photograph because it’s at one moment in time.

Most companies will have total assets which are bigger than total liabilities. In this case, the company is solvent. But if the liabilities are bigger than the assets (which obviously is a bad situation!), then the company is insolvent.

Example: The company had assets of £250,000 and liabilities of £150,000 so therefore it was solvent and the balance sheet had a net worth of £100,000.

4. Income Statement (also known as a Profit and Loss Account)

An Income Statement is a Financial Statement which shows all the company’s sales and all of its costs, for a period of time, which is normally a year and is often the year to 31 st December.

If the sales are bigger than the costs, then the company is making a profit (it is profitable). But if the costs are bigger than the sales, then the company is making a loss (it is loss making or unprofitable) .

There are some extra synonyms here. Another word for profit is surplus and another word for loss is deficit. Another word for a cost is an expense.

Example: The Income Statement for the company for the year showed sales of £500,000 and costs of £200,000 and so the company recorded a healthy profit of £300,000.

5. Financial Statements (also known as Annual Accounts)

We have seen two Financial Statements so far; The Balance Sheet and the Income Statement. There are several others. Many companies have to produce an Annual Report and a Statement of Cashflows.

Example: The firm published its Financial Statements yesterday and the amount of profit made headlines in the newspapers.  

6. Double Entry

Double Entry is the accounting system used all over the world. It was invented several centuries ago and records every transaction twice (as a Debit and a Credit, which we will look at next). In this way, all the records of the business remain accurate. The verb that gets used for this accuracy is to balance. When something is recorded in the records, it is known as an entry.

In the double entry system, every transaction must be one of the following; an asset, a liability, a sale, or an expense (a cost).

Example: There are records still in existence which show that Double Entry was used by traders in the 11 th Century in Italy.

7. Debit and Credit

These are often shown in a shorter form as Dr. and Cr. They are the two sides used in Double Entry. A Debit appears on the left and shows assets and expenses. A Credit appears on the right and shows liabilities and sales.

Example: The debits didn’t add up to the same as the credits and therefore the financial records did not balance (see 41. below). They had to check every entry to find where the mistake was!

accounting vocabulary worksheet

 8. Bookkeeping

Bookkeeping is the job of recording all the entries of a business in its records. The person doing this is known as the bookkeeper and he/she records every transaction on a daily basis. The bookkeeper will usually have a boss, and this is normally the accountant (see 32. below).

You don’t need to have a formal qualification or degree to be a bookkeeper, but many bookkeepers study to become accountants.

Example: The company had several bookkeepers , each one looking after a different department. They all reported to the Accountant and his boss was the Finance Director.

9. Fixed Assets (also known as Non-Current Assets)

Fixed Assets are assets which a company owns that have a long-term value. They are things that a company will own for a long period of time and which it uses to run the business. Examples of Fixed Assets are buildings, motor vehicles, and machines.

The company had made a big investment in its fixed assets by buying many new machines in the year.

10. Capital Expenditure

Capital Expenditure is the phrase used when a company buys Fixed Assets.

Example: The business was planning to invest a lot of money in new Fixed Assets. This was a huge Capital Expenditure programme.

11. Freehold Premises

Freehold Premises means a building (or a number of buildings) that are owned by a company. It’s a strange term but basically ‘Freehold’ means that the company owns the property forever. If it only had a right to be there for a number of years, then this would be called Leasehold .

Premises means the buildings and land used by a business.

Example: T he Freehold Premises used by the company was made up of 3 buildings and a large plot of land. It also had several Leasehold Premises which it was allowed to occupy for another 15 years.

12. Plant and Equipment

Plant and Equipment basically means machines (or machinery) owned by a company. Plant has many meanings in English (see below), but here it means big and heavy machines. Equipment, on the other hand, can be quite small and light.

Example: In the factory was a lot of heavy Plant and Equipment which was used to make steel and some other metals.

  • A plant can be a small tree, shrub, grass or fern growing in the ground
  • A plant is another word for a factory (usually with big machines)
  • A plant can be a person placed in a group as a spy or informer

13. Fixtures and Fittings

Fixtures and Fittings is a term used to show assets owned by a firm which are attached to a building. Fixtures are fixed and very difficult to remove. Fittings are easy to remove and take away. For instance, a built-in oven would be a fixture as you can’t really take it away easily. But a washing machine is not attached to a building so this would be a fitting. Quite a lot of furniture could be seen as fittings.

Example: When the building was sold, it was agreed that the price would not include any fixtures and fittings . So, the owner was able to remove all the pictures, mirrors, washing machine and dishwasher.  

14. Current Assets

Current Assets are assets owned by the company that have value, but will only stay in existence for a short period of time.  A good example is Cash at Bank but there are several others which we’ll look at after this.

Current (or currently) means ‘at the present time’, and so this shows that these assets are only in the company for a short period.

Example: The bookkeeper had to decide whether this particular asset was a Fixed Asset or a Current Asset .

Current has more than one meaning. As well as the one above, we have:

  • Water (in the sea or river) or air moving in a particular direction
  • A flow of electricity

But don’t get confused with ‘a curr a nt’, which is a small dried grape like a raisin.

15. Accounts Receivable (also known as Receivables, Debtors or Trade Debtors)

Accounts Receivable are monies owed TO a business BY its customers. Clearly, these are a type of Current Asset. When a customer buys something from a company, but does not pay for a while, then the company has an asset, being the debt from the customer which it will collect on an agreed date (see 43. below).

The bookkeeper will keep a list of all the Accounts Receivable in a book (usually in reality this is on a computer) called an Accounts Receivable Ledger (or Sales Ledger ). So, a ledger is an accounting term for a book which records accounting entries (see 38. below).

The list of Accounts Receivable will probably show the age of each debt. This is called an Aged Report.

Example: The company was worried about its Aged Receivables Report as many of the debts were very old and would possibly not be paid.

 16. Inventory (also known as Stock)

Inventory is all the things purchased by a company which it is going to sell (or use to make things to sell), which it has not yet used. These are assets because they still have value and are part of the Current Assets.

Companies need to keep control of their Inventory so that they know exactly what they have ‘in stock’ at any time. So, they have a regular ‘stocktake’ when they count everything.

Example: All staff need to attend the company stocktake on Saturday morning when all inventory will be counted and valued. It will start at 9am, sharp! Do not be late.

17. Prepayments

A prepayment is when a company pays for something, but doesn’t use it for a while. Because it doesn’t use it, it keeps its value and so it is a Current Asset. This is similar to when you buy a prepaid mobile phone sim card. A good example for a company is: renting of property. Rent is always paid 3 months in advance (to cover the next 3 months into the future). So, when a company pays its rent, it has a prepayment of the amount it has paid.

accounting vocabulary worksheet

Example: The bookkeeper listed all of the prepayments ; these included Rent, Telephone and Insurance costs, all of which had been paid in advance.

18. Current Liabilities

Current Liabilities are amounts owed by a company which need to be paid within the next year. An example would be the next year’s payments on a Bank Loan . There are several other examples which we’ll look at below.

We’ve already looked at the meaning of ‘current’ (see 14. above).

Example: The bookkeeper added up all of the Current Liabilities and it was good that they totalled less than the total of Current Assets. Therefore, the company had Net Current Assets, so the position was healthy.

19. Accounts Payable (also known as Payables, Creditors or Trade Creditors)

Accounts Payable are monies owed BY a business TO its suppliers (the companies it buys things from). If the company does not pay for these goods at the time, then it owes money to its suppliers and these liabilities are called Accounts Payable . The company will pay this debt at an agreed time in the future.

The bookkeeper will keep a record of all these Payables in the Accounts Payable Ledger (or Trade Creditors ledger) (see 38. below) and, just like the Receivables, there will be an aged report.

Example: The company’s Aged Payables report showed that the company took a long time to pay its Trade Creditors.

20. Bank Overdraft

An overdraft with the bank is where a company has a negative amount of money in its bank account. Usually, this is agreed with the bank in advance and there is a limit to the amount that the company can go overdrawn . This overdraft is a Current Liability. The limit is known as the Overdraft Facility .

Example: We have just had a meeting with our bank manager and he has given us a bigger overdraft facility .

21. Accruals

When a business is using a service such as telephone or electricity, but the telephone or electricity company has not yet sent a bill, then the business needs to estimate (or guess) what the bill is going to be, when it arrives. This is known as an accrual and is a Current Liability.

It comes from the verb ‘to accrue’, which basically means to build up an amount over a period of time.

Example: We are not sure what our electricity bill is going to be for December, so we have made an accrual of £4,750 which we think will be quite accurate, based on experience.  

Income statement and profit & Loss account terms

22. sales (also known as turnover or revenue).

All Income Statements start with sales at the top. As you can see from the heading, there are 3 equally used words for sales, which of course is: money paid by customers to a business in return for goods or services provided (or ‘services rendered’).

Example: Our turnover for the month of May is 10% higher than it was for May of last year. It’s great that sales are going so well.

23. Cost of Sales (also known as Cost of Goods Sold)

Cost of Sales represents the cost to the business of all the things it has sold (or services that it has provided). If a business is manufacturing (making) products in a factory, then the main item in Cost of Sales is often called Raw Materials .

Example: Our Cost of Sales is going up because the wood we buy (our raw materials ) is going up in price.

24. Purchases

If a business is buying things, which it just sells (and not making or manufacturing anything), then the main item in Cost of Sales is usually known as Purchases. Sometimes these are known as Goods Purchased. A Good (or goods) is simply something which is purchased (bought).

Example: In our Income Statement, the two main items in our Cost of Sales are Purchases and Wages of our factory staff.

25. Gross Profit

Gross Profit is shown in the Income Statement as the calculation of Sales minus (less or deducting) Cost of Sales. Clearly, every business needs its Sales to be greater than its Cost of Sales, in order to make a profit.

Example: Our Revenue for this year has been $250,000 and our Cost of Goods Sold was $175,000. Therefore, our Gross Profit was $75,000.

26. Overheads (Also known as Expenses)

Overheads (or expenses) are the extra costs of running a business. There are many examples of overheads, but here are a few; motor expenses, rent, insurance, power costs, bank interest payable, administration wages.

Example: Every business needs to control its overhead s and keep them as low as possible.

27. Payroll Costs

Payroll is another word for Wages and Salaries paid to staff. Most payroll costs are included in overheads. Sometimes businesses separate the payroll costs between Direct Payroll and Indirect Payroll . Direct payroll is connected with the actual manufacturing process (i.e. in the factory), whereas indirect payroll will be to do with administration.

Example: Our payroll costs will go up next year because we are employing an extra 10 direct staff and another 4 indirect staff.

28. Depreciation

Depreciation is an overhead. It is a calculation to spread the cost of a Fixed Asset (see 9. above) over its estimated useful life. So, if a business buys a car for £10,000 and thinks that the car will last for 5 years, there will be a depreciation expense in the Income Statement each year of £2,000.

Example: We’ve just bought a new machine for the factory and we think that it will have a useful life of at least 10 years, so let’s depreciate it at 10% per annum.

29. Bad Debts

Bad Debts are an overhead which happen when a customer doesn’t pay its bill. This is usually because the customer has financial difficulties or because it’s insolvent (see 3. above). An insolvent business will often close down which is sometimes known as ‘ going into liquidation’ or ‘ going bankrupt’ .

Example: Two of our customers have gone into liquidation so we’ll suffer bad debts this year of at least £20,000.

30. Doubtful Debts

Doubtful Debts are similar to Bad Debts in that they are an expense. But the difference is that there is a doubt as to whether the customer can pay, rather than knowing that the customer has gone bust. Sometimes businesses decide from experience that they know every year that a known percentage of their customers will not pay. So, at the beginning of the year they estimate a figure in advance which they put in their Income Statement as an overhead for Doubtful Debts.

Example: Last year 3% of our customers didn’t pay us, so let’s agree that this year we will estimate that our Doubtful Debts will be the same as last year.

31. Net Profit

Net Profit is shown in the Income Statement as Gross Profit (see 25. above) minus all overheads. Therefore, this is the overall profit that a business makes after all costs, and is the figure used to calculate the tax that a business will pay.

Example: Our Revenue for this year has been $250,000 and our Cost of Goods Sold was $175,000. Therefore, our Gross Profit was $75,000. And our Overheads were $50,000, so our Net Profit was $25,000.  

32. Accountant

An accountant prepares the Financial Statements (see 5. above) from all the work that the Bookkeeper has done. The Accountant works for the business and produces information for management in order to show how well the firm is doing, and to help management to make decisions.

Example: Job Advertisement. ‘Wanted. Accountant needed to prepare Monthly Management Accounts and Annual Accounts as well as other reports for the Directors. We offer a very competitive (good) salary.

33. Auditor

An auditor is not an employee of a business and the job an auditor does is to produce a report as to whether the Financial Statements are basically correct. An auditor needs to have a professional qualification and the words used in the Auditor’s Report are that ‘ The Financial Statements are true and fair’.

Example: The auditor found that our firm’s accounts were in order.

34. Accounting Period

The Accounting Period is the period (almost always one year) for which a business prepares its Financial Statements (Annual Accounts) (see 5. above). Many companies use 31 st December as their Year End. In the UK, a company can choose any one-year period as its Accounting Period, but in many countries 31 st December ( the Calendar Year ) is the law.

Example: We are just coming up to the end of Accounting Period , so we’ll need to arrange our Stocktake (see 16. above).

35. Shareholder

A shareholder is the owner of shares in a company. A company can have one shareholder or many shareholders. So, the shareholders own the company. If the shares are bought and sold at a stock exchange, then it will be a Public Company (PLC Public Limited Company) but almost all small companies are private companies, whose shares cannot be bought or sold by the public.

Example: The shareholders met at their Annual General Meeting at which they appointed a new director and approved the Financial Statements.

36. Share Capital

The total of the shares in a company are known as Share Capital. A company decides what its Share Capital is going to be and the shareholders make their investment in the company by buying the shares, with the money going into the Company bank account.

Example At a Shareholders’ meeting it was decided to increase the share capital of the company from 1000 Ordinary Shares of £1 each, to 25000 Ordinary Shares of £1 each. The shareholders were then able to make a new investment in the company.

37. Shareholders’ Equity

Shareholder’s Equity represents the total amount of the value of the company shares that belongs to the shareholders. In reality, this will represent the Share Capital (see 36. above) plus the amount of all the profits that the company has made in the past (known as Retained Earnings ).

Example: At a Shareholders’ meeting it was noted that the Net Profit for the year was $25,000 which was added to the Retained Earnings brought forward from last year of $100,000. Together with the Share Capital of $50,000, this meant that the Shareholders’ Equity amounted to $175,000.

38. A General Ledger

A General Ledger is a book (nowadays almost always computer-based) where all Double Entry accounting (see 6. above) and Debits/Credits (see 7. above) are recorded. In a General Ledger there are separate accounts for each type of transaction. So, there will be an account for Sales, an account for Purchases (see 24. above), an account for all the different Overheads (see 26.) and so on.

Example: The software program that runs the General Ledger makes sure that all the accounting records are correct.

39. A ‘T’ Account

A ‘T’ Account is the old-fashioned word for each account in the General Ledger of a company. The Double Entry will ensure that all the Debits (see 7. above) are put on the left-hand side of the ‘T’ Account and that all Credits are put on the right-hand side. It is called a ‘T’ Account because when Double Entry was invented several hundred years ago each page in the General Ledger had a ‘T’ drawn in order to separate the debits from the credits.

Example: Whilst all accounting nowadays is done on a computer, old-fashioned ‘T’ Accounts are still used for training purposes, in order to teach students how Double Entry accounting works.

40. To post an entry (postings)

In accounting we don’t ‘put’ transactions in the accounting records, but instead we use the verb ‘to post’ with a noun of ‘a posting’. It’s just accountants’ talk!

Example: That customer can’t pay his bill of $260 as he has gone bankrupt (see 29. above), so please post this to Bad Debts (see 29. above) in the General Ledger.

41. A Trial Balance

A Trial Balance is a list of all the figures in the General Ledger, set out in a debit and credit format. (See 7. and 38. above). Because Double Entry (see 6. above) is a perfect system, the Trial Balance will always be correct. Accountants use the verb ‘to balance’ to say that the Trial Balance is correct.

Example: When General Ledgers and Trial Balances were done manually (by hand, in writing) there was always a chance that they wouldn’t balance. But with computers they should always balance.

42. A Cash Transaction

In accounting, a Cash Transaction is NOT what it seems! A Cash Transaction is a transaction where the goods sold (or service rendered) is settled (paid) immediately. It can be with actual cash or via a bank payment.

Example: All of our customers make Cash Transactions to pay their bills. Some pay with actual cash and some make bank transfers or pay by credit card. But whichever of these is used, our bill is settled immediately.

43. A Credit Transaction

With a Credit Transaction there is a delay between the sale of the goods (or providing services) and the payment of the bill. The payment can be by any method, but the point is that for a period of time, the company selling does NOT have the cash in its bank account. Instead, it has an Account Receivable (or Trade Debtor) (see 15. above). The Account Receivable is still an asset (see 1. above) because it has a value.

Example: All of our customers take at least 30 days to pay, although we tell them that the credit (transaction) period we allow is only 15 days.

44. Limited Liability

If a firm has the word ‘Limited’ after the name, then it is a Limited Company. This means that the most that the shareholders (see 35. above) can lose is their Share Capital invested. They cannot lose their houses or any personal assets if the company goes bust (see 29. above). This is because a Limited Company has Limited Liability.

Example: The concept of Limited Liability is very good and means that many businesspeople set up their business as a Limited Company because their personal assets are safe.

45. Unlimited Liability

When a business is set up and it is NOT put into a Limited Company, it will be a Sole Trader (a single person) or a Partnership ( two or more people ). If such a business goes bankrupt or into liquidation (see 29. above), then it is possible that the shareholders could lose their personal assets.

Example: His business was a Sole Tradership and he went bust with his liabilities being much bigger than his assets. So it’s possible that he has Unlimited Liability , which means that his house will need to be sold to pay off the creditors (see 19. above).

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Test your knowledge: accounting vocabulary exercises

Exercise i. Follow the story about Zamora PLC in the following sentences and complete them with the most suitable accounting term a-c (based on the context).

  • The __________ of famous sports agency Zamora PLC were published today and made headline news. a. Bookkeeping    b. Overdraft    c . Financial Statements
  • Turnover was up by 12% to £14.5m and ___________ rose by 17% to £4.6m. a. Double entry     b. Net profit    c. Assets
  • As a result ___________ now stands at a very healthy £37.5m. a. Turnover    b. Shareholders’ equity   c. Accounts receivable
  • The ___________ however, were not able to give a True & Fair audit opinion as there had been major problems with the firm’s bookkeeping during the year. a. Debtors     b. Auditors    c. Shareholders
  • This involved a loss of control over ____________ as a number of high profile clients are refusing to pay their bills. a. Accounts receivable    b. Assets    c. Doubtful debts
  • This resulted in a number of ___________ for the company. a. Prepayments      b. Premises      c. Doubtful debts
  • The company directors insist that all these bills will be paid, but the __________ don’t have enough evidence that this will happen. a. Police      b. Shareholders      c. Auditors
  • On that basis, it is possible that ____________ have been overstated in the annual accounts. a. Assets      b. Accruals      c. Prepayments
  • The company is running very short of cash and because of that is seeking an __________ to improve its cashflow. a. Overheads.   b. Accrual     c. Overdraft

Exercise ii.

Match parts 1-5 with a-e to make complete sentences.

1)  We bought some new vehicles and equipment this year so 2)  John lost everything when his business went bankrupt because 3)   Our raw materials are costing more so 4)   We are taking longer to pay our bills so 5)    We had to pay 12 months’ rent in advance so

a) we have a huge prepayment. b) our accounts payable are getting higher. c) he had unlimited liability. d) our gross profit is going to decline. e) our capital expenditure will be higher in this year’s financial statements.

Exercise iii.

Choose the correct synonym a-c for each account term word.

  • Sales a. Monies     b. Revenue      c. Accruals
  • Profit & Loss Account a. Income Statement      b. Cashflow Account    c. Annual Report
  • Non-Current Assets a . Current Assets    b. Assets      c. Fixed Assets
  • Trade Debtors a. Accounts Receivable    b. Prepayments  c. Current Assets
  • Inventory a. Prepayments  b. Fixed Assets    c. Stock
  • Cost of Sales a. Net profit    b. Gross Profit   c. Cost of Goods Sold
  • Overheads a. Expenses.    b. Accruals      c. Payroll costs
  • Wages and Salaries a. Indirect costs     b. Cash transactions    c. Payroll Costs
  • 1/c 2/b    3/b    4/b    5/a    6/b    7/c    8/a    9/c
  • 1/e 2/c      3/d    4/b    5/a
  • 1/b 2/a   3/c   4/a   5/c   6/c    7/a   8/c

accounting vocabulary worksheet

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Business English Vocabulary You Should Know (45 Terms & Examples)

Want to improve your business vocabulary? In this study guide, our experienced UK accountant and English teacher Kevin Simmons will walk you through the most useful terms and expressions. We’ve included a list of 45 terms with clear definitions and examples in context to help you feel confident with your business English. Let’s take a look!

accounting vocabulary worksheet

45 Must-Know Terms to Improve Your Financial Vocabulary in English

Want to improve your vocabulary for finance? In this detailed study guide, our experienced UK accountant and English teacher Kevin Simmons will teach you the most useful financial words and phrases. We’ve included a list of 45 terms with clear definitions and examples in context to help you feel more confident with your English at work. Don’t forget to try the exercises at the end! Ready? Let’s get to it…

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English accounting vocabulary pdf

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Assets Account Account book Accountant Accounting Accounting department Accounting firm Accounts and notes receivable Accrued liabilities Affiliate, subsidiary Allowance Allowance for loss Amortization Balance sheet Balance sheet, trial balance Bill Bills payable Bills receivable Bond Book entry, accounting entry Book value Bookkeeping Break even point Buildings Capital / fixed asset Capital loss Capital stock / Nominal capital Cash Cash equivalent Cash flow Certified accountant, chartered accountant Chairman Change in equity position Change in working capital Chart of accounts, accounting plan / chart Chartered accountancy, accounting Common stock Cost of goods manufactured Cost of goods sold Cost of merchandise purchased Cost of raws material Cost of sales Cost, charge Currents assets Debt / Liability Deposit Depreciation Direct labor cost Discount Ending inventory Expenses Expenses Financial year Finished goods Fixed assets, property, plant and equipement Fixed expenses Franchise Freight Gain, profit Gains Grant, subsidy Gross profit / Gross margin Income before extraordinary items Income before tax Income tax Indirect charges Initial inventory Intangibles assets Inventories Investment income Investment security Land Lawsuit Lease Liability Liability Limited partnership Loan Loans Long-term liabilities, debts Long-term loan Loss Machinery and equipement Market value Merger Net book value Net income Net profit Net sales Non-operating activities Operating activities Operating income Other assets Other long term liabilities Other long-term investments Other revenues and expenses Overhead Parent company Partnership Patents Pension liability Preferred stock Prepaid expenses Profit sharing Profit, capital gains Research and development expenses Revenue Royalty Selling expenses Share Share premium Shareholder / stockholder Shares, ownership interests Short term liabilities, current liabilities / debts Short-term investment Short-term loans payable Solvency Statement of cashs-flows Stockholder’s equity Supplier Tax Trademark Treasury stock Turnover Unearned revenues Valuation Working capital Working expenses, running costs

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LESSON PLAN FOR ENGLISH TEACHERS

Financial statements.

accounting vocabulary worksheet

Level: Intermediate (B1-B2)

Type of English: Business English

Tags: accounting financial statements Vocabulary lesson

Publication date: 01/08/2013

This lesson plan is suitable for students who deal with accounting issues, especially those who need to prepare or interpret financial statements in English. This worksheet presents vocabulary related to a company’s balance sheet and profit and loss statement . For teachers who are unfamiliar with accounting terms, we have included additional notes in the key to help clear up any confusion.

This was a great hit with my Accountants. Many thanks !

And with my Bank Manager! Thanks a lot!

A model balance sheet corresponding to the same time frames as the income statement could have been provided. An extension of the lesson to teach how both statements are linked financially would have also been helpful although I understand this is an ESL lesson not one on financial literacy.

I would love to see more class on this topic, and updated. Thanks!

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This lesson plan is suitable for students who deal with  accounting  issues, especially those who need to prepare or interpret financial statements in English. This worksheet presents vocabulary related to a company’s  balance sheet  and  profit and loss statement . For teachers who are unfamiliar with accounting terms, we have included additional notes in the key to help clear up any confusion.

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accounting vocabulary worksheet

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accounting vocabulary worksheet

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accounting vocabulary worksheet

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Home › Accounting › Accounting Cycle › Accounting Worksheet

  • What is an Accounting Worksheet?

An accounting worksheet is a tool used to help bookkeepers and accountants complete the  accounting cycle  and prepare year-end reports like unadjusted trial balances,  adjusting journal entries ,  adjusted trial balances , and  financial statements .

The accounting worksheet is essentially a spreadsheet that tracks each step of the accounting cycle. The spreadsheet typically has five sets of columns that start with the  unadjusted trial balance  accounts and end with the financial statements. In other words, an accounting worksheet is basically a spreadsheet that shows all of the major steps in the accounting cycle side by side.

Each step lists its debits and credits with totals calculated at the bottom. Just like the trial balances, the work sheet also has a heading that consists of the company name, title of the report, and time period the report documents.

Here is what Paul’s Guitar Shop’s year-end would look like in accounting worksheet format for the  accounting cycle  examples in this section.

Accounting Worksheet

As you can see, the worksheet lists all the trial balances and adjustments side by side. During the accounting cycle process, an accounting worksheet can be helpful to keep track of the different steps and reduce errors.

It can also be used for a analytical and summary tool to show how accounts were originally posted to the ledger and what adjustments were made before they were presented on the financial statements.

I suggest using the accounting worksheet for all your year-end accounting problems. It saves time and maintains accuracy in the process. Here is a downloadable excel version of this accounting worksheet template, so you can use it with your accounting homework.

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Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting & finance, pass the CPA exam, and start their career.

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Accounting Vocabulary

Displaying top 8 worksheets found for - Accounting Vocabulary .

Some of the worksheets for this concept are What is accounting, By tim bowen, Accounting cycle exercises i, Personal financial workbook, Business english workbook accountingandcommercei vesna, What are the 11 basic accounting formulas, Lesson 1 financial aid vocabulary lesson, Essential math for accounting part i.

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1. What is Accounting? -

2. by tim bowen, 3. accounting cycle exercises iii -, 4. personal financial workbook -, 5. business english workbook: accountingandcommerceiii vesna ..., 6. what are the 11 basic accounting formulas, 7. lesson 1 financial aid vocabulary lesson, 8. essential math for accounting: part i.

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