Lesson 7: Operating Expenses and Internal Controls

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.

Employee Payroll Withholdings
Employer Payroll Taxes
FICA Taxes
FUI
Income Before Income Taxes
Income Tax Expense
Internal Audit
Internal Controls
Management's Report on Financial Information
Multi-Step Formatted Income Statement
Net Sales Revenues
Operating Expenses
Operating Income/Loss
Other Revenues and Expenses
Payroll Tax Expense
Salaries Expense
Sales Taxes
Selling and Administrative Expenses
SUI
Wage Expense