If you want to learn more about accounting terms before starting a career in accounting, or just need to refresh your knowledge, the Aspiring Accountants team is working on building this accounting glossary with a list of many accounting terms. Enjoy!
Please, bear with us as this is a working in progress. Thanks!
A
Accountancy Firm
Accounting
Accounting Equations
Accounting Period
Accounting Policies
Accounting Standards
Accounting System
Accounting Year
Accounts Payable
Accounts Receivable
Accrual
Accumulated Depreciation
Acid Test
Acquisition
Administrative Expenses
Agency Theory
Allocate
Amortisation
Annual Investment Allowance
Annual Report
Annual Return
Articles of Association
Asset
Associated Company
Audit
Auditor’s Report
B
Bad Debt
Balance Sheet
Balancing Charge
Bank Facility
Bank Reconciliation
Basis Period
Benchmarking
Benefits in Kind
Bill
Board of Directors
Bond
Break-even Point
Broker
Broker’s Report
Business Cycle
Business Entity
Business Rates
C
Capital
Capital Accounts
Capital Allowances
Capital Asset
Capital Expenditure
Capital Gains Tax
Capitalisation Issue
Cash
Cash Accounting
Cash Basis
Cash Equivalents
Cash Flow
Cash Flow Forecast
Cash Flow Projections
Cash Flow Statements
Chairman
Charge
Chart of Accounts
Chief Executive
CIS
Close Company
Close Season
Closing Balance
Cloud Accounting
Collection Period
Commercial Paper
Companies Act
Companies House
Company Director
Company Start Date
Comparability
Completeness
Conceptual Framework
Confirmation Statement
Conservatism
Consistency
Consolidation
Consumable Item
Contra Account
Convertible Loan
Corporate Governance
Corporation Tax
Corporation Tax Liability
Cost of Goods Sold
Cost of Sales
Costs
Coupon
Credit
Credit Control
Credit Note
Credit Purchase
Credit Sale
Creditor
Current Asset
Current Liability
D
Debentures
Debit
Debt
Debtor
Default
Deferred Asset
Deferred Income
Deferred Taxation
Depreciation
Derecognition
Directive
Disclosure
Dividend
Dividend Yield
Double-Entry Bookkeeping
Doubtful Debts
Drawings
E
Earning per Share
EC Goods
EC Services
Employee
Employment Allowance
Enterprise
Equity
Equity Crowdfunding
Equity Portfolio
Estimate
Exit Value
Expense
Expense Accounts
F
Fair Value
Finance Lease
Financial Accounting
Financial Year
Fiscal Year
Fixed Asset
Fixed Charge
Fixed Costs
Floating Charge
Forecast
Franchising
Fund Manager
G
Gearing
General Ledger
Goodwill
Gross Margin
Gross Profit
H
Highlights Statement
Hire Purchase
Historical Cost
HMRC
Holding Company
I
IAS
IFRS
Impairment
Income Accounts
Income Tax
Incorporation
Indirect Method
Intangible
Interest
Interim Reports
Inventory
Investing Activities
Investors
Invoice
IR35
ISA
J
Joint Liability
Journal
K
Key Performance Indicators
L
Leasing
Legal Form
Leverage
Liability Accounts
Limited Company
Limited Liability
Liquidation
Liquidity
Listed Company
LLP
Loan Covenants
Loan Notes
Loan Stock
Long-term Liability
M
Making Tax Digital
Management Accounting
Margin
Market Value
Matching
Materiality
Maturity
Memorandum
Merger
Mileage Claim
Minority Interest
N
National Insurance
Net Assets
Net Book Value
Net Profit
Neutral
Nominal Accounts
Nominal Value
Non-Current Assets
Non-Current Liabilities
O
Offer for Sale
Opening Balances
Operating Activities
Operating Lease
Operating Margin
Operating Risk
Ordinary Shares
Overheads
Ownership Interest
P
P11D
P45
P60
Partnership
PAYE
Payment on Account
Payroll
Personal Allowance
Petty Cash
PLC
Portfolio
Premium
Prepayment
Principal
Profit
Profit and Loss Report
Profit Margin
Proforma Invoice
Prospective Investor
Prospectus
Provision
Prudence
PSC
Public Limited Company
Public Offering
Purchase Ledger
Purchase Method
Purchases
Q
Qualified Audit Opinion
Quality of Earnings
Quoted Company
R
Realisation
Realised Profit
Recognised
Registrar or Companies
Reliability
Reserves
Retained
Retained Earnings
Revenue
Rights Issue
Risk
RTI
S
Sales
Sales Invoice
Sales Ledger
Secured Loan
Self Assessment
Share Capital
Share Certificate
Share Premium
Shareholder
Shareholders
Shares
SIC Code
Sole Trader
Stakeholder
Statement of Principles
Stepped Bond
Stewardship
Stock
Stock Exchange
Stock Holding Period
Stock Market
Sundries
Suspense account
T
Tax
Tax Code
Tax Point
Tax Relief
Tax Return
Tax Written Down Value
Tax Year
Timeliness
Trade Creditor
Trade Debtor
Trade Sale
Trial Balance
True and Fair View
Turnover
U
Understandability
Unlisted
Unrealised
Unsecured Creditors
Unsecured Loans
V
Value to the Business
Variable Costs
Variance
VAT (Value Added Tax)
VAT Flat Rate Scheme
VAT MOSS
VAT Return
VAT Reverse Charge
VATable Sales
W
Work-In-Progress
Working Capital
Working Capital Cycle
Workplace Pensions
Write Off
Written Down Value
Y
Year End
