Lesson 3: Accounting Cycle Part 1

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.

Account
Accounting Cycle
Accounting System
Arms-Length Transaction
Books
Cash Customer
Cash Sales
Conservatism
Cost
Cost of Goods Sold
Credit
Credit Customer
Credit Entries
Credit Sales
Customer
Debit Entries
Double-Entry Accounting
Entity
Expenditure
Fair Market Value of an Asset
General Journal
General Ledger
Historical Cost
Income Tax Expense
Interest Expense
Interest Revenue
Journal
Journal Entries
Ledger
Monetary Measurement Principle
Posting
Purchases on Account
Salaries Expense
Sales Revenues
Service Fee Revenues
Transaction