65 Accounting Terms and Definitions

Dec 12, 2020
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Welcome to Sunlight SEO's comprehensive guide on 65 essential accounting terms and definitions every business owner should know. Understanding these key concepts can greatly benefit your business's financial management and decision-making process.

1. Assets

Assets are economic resources owned or controlled by a business, providing future benefits. Examples include cash, accounts receivable, and property.

2. Liabilities

Liabilities represent a company's obligations or debts. These can include loans, accounts payable, and accrued expenses.

3. Revenue

Revenue refers to the income generated by a business through its primary activities, such as sales of products or services.

4. Expenses

Expenses are the costs incurred by a business in order to generate revenue. These can include salaries, rent, and utilities.

65. Depreciation

Depreciation is the systematic allocation of the cost of an asset over its useful life. It accounts for the decline in value or usefulness of the asset over time.

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Disclaimer: The information provided in this guide is for general informational purposes only and should not be considered as professional financial advice. It is always recommended to consult with a qualified accountant or financial advisor for specific accounting needs.

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Nov 15, 2023
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By providing such clear definitions, the article has made these accounting terms more approachable.
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I appreciate the clarity and simplicity in explaining these terms. It makes accounting less intimidating.
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The explanations are concise and to the point, which makes this guide extremely useful.
Jul 16, 2022
Frank Natoli
Each term is well-explained, making it easier for non-accounting professionals to grasp. Thank you!
Jul 8, 2022
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I appreciate the effort that went into compiling this list. It's a must-read for business owners.
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