Accounting Glossary

Hi, I’m a student from Ahuntsic College in Montreal Canada. I’m studying business management. It’s a great pre-university program where you can study economy, accounting and marketing. I choose this program because later, I want to be maybe an accountant or a businessman. There is some vocabulary words from accounting.

Account
Definition: An amount of money deposited with a bank, as in a checking or savings account

Accountant
Definition: A person whose profession is inspecting and auditing personal or commercial accounts.

Accounting
Definition: The theory and system of setting up, maintaining, and auditing the books of a firm; art of analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc.

Associate
Definition: A person who shares actively in anything as a business, enterprise, or undertaking; partner; colleague; fellow worker:

Balance sheet
Definition: A statement of the financial position of a business on a specified date.

Budget
Definition: A plan of operations based on such an estimate.

Business
Definition: A person, partnership, or corporation engaged in commerce, manufacturing, or a service; profit-seeking enterprise or concern.

Calculator
Definition: Also called calculating machine. a small electronic or mechanical device that performs calculations, requiring manual action for each individual opertion.

Cost
Definition: The price paid to acquire, produce, accomplish, or maintain anything.

Finance
Definition: The management of revenues; the conduct or transaction of money matters generally, especially those affecting the public, as in the fields of banking and investment.

Fund
Definition: An organization created to administer or manage a fund, as of money invested or contributed for some special purpose.

Management
Definition: The person or persons controlling and directing the affairs of a business, institution, etc.

Order
Definition: A quantity of goods or items purchased or sold

Product
Definition: A thing produced by labor.

Value
Definition: The worth of something in terms of the amount of other things for which it can be exchanged or in terms of some medium of exchange.

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