Lesson 1: Introduction to Financial Accounting
Glossary - Know Your Words
Accounting is the language of business. To become proficient in accounting, it's essential to understand the terminology associated with each concept. Every lesson introduces specific terms, and we encourage you to take the necessary time to study each one carefully. Our glossary allows you to learn definitions in the context of related terms. It's a simple yet powerful tool that our university students have trusted for years to master accounting.
Accounting
AICPA
Annual report
Auditor's report
Balance sheet
Bankruptcy
Board of directors
Business
Capital
CEO
CFO
Company
Corporation
CPA
Creditor
Debt financing
Dissolution
Distributions in the event of dissolution
Entrepreneur
Equity financing
FAF
FASB
Financial accounting
Financial statements
Financing
Foreclosure
GAAP
GAAS
General purpose financial statements
Income statement
Investor
IRS
LLC
LLP
Management
Managerial accounting
Managers
Manufacturing business
Merchandising business
NASDAQ
Non-profit business
NYSE
Partnership
Proprietorship
Publicly held company
Retail merchandiser
S corporation
SEC
Service business
Shares
Statement of cash flows
Stock
Wholesale merchandiser