This document provides definitions for 30 basic accounting terms and concepts. It begins by defining common terms like accounts receivable, accounts payable, assets, liabilities, expenses, revenues, and the key financial statements of income statement, balance sheet, and cash flow statement. It then covers accounting principles and standards like GAAP, concepts like accrual accounting and the accounting equation, and other terms including depreciation, amortization, trial balance, and general ledger. The document aims to introduce readers to the core vocabulary and building blocks of the accounting field.
This document provides definitions for 39 basic accounting terms to help readers start learning accounting terminology. It defines common terms like accounts receivable, accounts payable, assets, liabilities, revenues, expenses, balance sheets, income statements, cash basis vs. accrual basis accounting, depreciation, dividends, general ledgers, journals, net income, and trial balances. Understanding these fundamental terms is important for students starting an accounting degree or career.
This document defines common accounting terms, acronyms, and concepts. It explains key terms like accounts receivable, accounts payable, assets, liabilities, equity, expenses, net income, and cash flow. It also defines financial reports such as the balance sheet, profit and loss statement, and general ledger. Overall, the document provides definitions for 26 basic accounting concepts, terms, and reports.
Must Know Basic Accounting Terms in 2023 | Academy Tax4wealthAcademy Tax4wealth
To understand the basic accounting concept in 2023, you must be familiar with the fundamental accounting terms. You will learn nearly all of the fundamental definitions required when studying accounts from Academy Tax4wealth. Learn more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/basic-accounting-terms
Must Know Basic Accounting Terms in 2023 | Academy Tax4wealthAcademy Tax4wealth
To understand the basic accounting concept in 2023, you must be familiar with the fundamental accounting terms. You will learn nearly all of the fundamental definitions required when studying accounts from Academy Tax4wealth. Learn more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/basic-accounting-terms
This document provides an introduction to accounting basics for beginners. It discusses the importance of understanding financial accounting for managers and defines key terms. The three main financial statements are identified as the balance sheet, income statement, and statement of cash flows. Important users of financial statements are shareholders, lenders, customers, suppliers, and regulators. Four key assumptions of financial accounting are also outlined: reporting entity, going concern, periodicity, and consistency.
Accounting Basics For Beginners ACCOUNTING BASICS FOR BEGINNERS Module 1 Nat...Katie Robinson
This document provides an introduction to accounting basics for beginners. It discusses the importance of understanding financial accounting for managers and defines key terms. The three main financial statements are identified as the balance sheet, income statement, and statement of cash flows. Important users of financial statements are listed as shareholders, lenders, customers, suppliers, and regulators. Four basic assumptions of financial accounting are described: reporting entity, going concern, periodicity, and consistency. Key terms such as assets, liabilities, revenues, expenses, capital expenditures and revenue expenditures are also defined.
What are the elements of financial statements.pdfsarikabangimatam
Financial accounting and tax accounting are branches of accounting concerned with summarizing, analyzing, and reporting the financial transactions of a business.
The final outcome of Financial Accountants & Tax Advisors in Chicago is related to the preparation of financial statements for users of accounting information.
Financial statements include an income statement, balance sheet, cash flow statement, and notes to accounts. The income statement shows revenue, expenses and profit/loss. The balance sheet outlines assets, equity, and liabilities to depict the company's financial position. The cash flow statement summarizes cash inflows and outflows from operating, investing and financing activities. Notes to accounts provide additional details and breakdowns to fully explain the information in the financial statements.
This document provides definitions for 39 basic accounting terms to help readers start learning accounting terminology. It defines common terms like accounts receivable, accounts payable, assets, liabilities, revenues, expenses, balance sheets, income statements, cash basis vs. accrual basis accounting, depreciation, dividends, general ledgers, journals, net income, and trial balances. Understanding these fundamental terms is important for students starting an accounting degree or career.
This document defines common accounting terms, acronyms, and concepts. It explains key terms like accounts receivable, accounts payable, assets, liabilities, equity, expenses, net income, and cash flow. It also defines financial reports such as the balance sheet, profit and loss statement, and general ledger. Overall, the document provides definitions for 26 basic accounting concepts, terms, and reports.
Must Know Basic Accounting Terms in 2023 | Academy Tax4wealthAcademy Tax4wealth
To understand the basic accounting concept in 2023, you must be familiar with the fundamental accounting terms. You will learn nearly all of the fundamental definitions required when studying accounts from Academy Tax4wealth. Learn more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/basic-accounting-terms
Must Know Basic Accounting Terms in 2023 | Academy Tax4wealthAcademy Tax4wealth
To understand the basic accounting concept in 2023, you must be familiar with the fundamental accounting terms. You will learn nearly all of the fundamental definitions required when studying accounts from Academy Tax4wealth. Learn more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/basic-accounting-terms
This document provides an introduction to accounting basics for beginners. It discusses the importance of understanding financial accounting for managers and defines key terms. The three main financial statements are identified as the balance sheet, income statement, and statement of cash flows. Important users of financial statements are shareholders, lenders, customers, suppliers, and regulators. Four key assumptions of financial accounting are also outlined: reporting entity, going concern, periodicity, and consistency.
Accounting Basics For Beginners ACCOUNTING BASICS FOR BEGINNERS Module 1 Nat...Katie Robinson
This document provides an introduction to accounting basics for beginners. It discusses the importance of understanding financial accounting for managers and defines key terms. The three main financial statements are identified as the balance sheet, income statement, and statement of cash flows. Important users of financial statements are listed as shareholders, lenders, customers, suppliers, and regulators. Four basic assumptions of financial accounting are described: reporting entity, going concern, periodicity, and consistency. Key terms such as assets, liabilities, revenues, expenses, capital expenditures and revenue expenditures are also defined.
What are the elements of financial statements.pdfsarikabangimatam
Financial accounting and tax accounting are branches of accounting concerned with summarizing, analyzing, and reporting the financial transactions of a business.
The final outcome of Financial Accountants & Tax Advisors in Chicago is related to the preparation of financial statements for users of accounting information.
Financial statements include an income statement, balance sheet, cash flow statement, and notes to accounts. The income statement shows revenue, expenses and profit/loss. The balance sheet outlines assets, equity, and liabilities to depict the company's financial position. The cash flow statement summarizes cash inflows and outflows from operating, investing and financing activities. Notes to accounts provide additional details and breakdowns to fully explain the information in the financial statements.
Financial statements include an income statement, balance sheet, cash flow statement, and notes to accounts. The income statement shows revenue, expenses and profit/loss. The balance sheet outlines assets, equity, and liabilities to depict the company's financial position. The cash flow statement summarizes cash inflows and outflows from operating, investing and financing activities. Notes to accounts provide additional details and breakdowns to fully explain the information in the financial statements.
Financial accounting involves recording business transactions over a period of time and preparing financial statements such as the balance sheet, income statement, and cash flow statement. These statements provide information on the company's operating performance. Transactions are recorded through debits and credits that increase or decrease different accounts. The balance sheet provides a snapshot of a company's assets, liabilities, and owner's equity at a given time. The income statement reports revenue and expenses to measure profitability over a period. Cash flow tracks cash inflows and outflows.
Financial accounting involves recording business transactions over a period of time and preparing financial statements such as the balance sheet, income statement, and cash flow statement. These statements provide information on the company's operating performance. Transactions are recorded through debits and credits that increase or decrease different accounts. The balance sheet provides a snapshot of a company's assets, liabilities, and owner's equity at a given time. The income statement reports revenue and expenses to measure financial performance over a period. Cash flow tracks cash inflows and outflows.
Financial plan and controll entrepreneurshipfatimanajam4
This file is uploaded to help the students learning finance easier. It will give a general understanding of planning and controlling of financial resources.
This document outlines the topics covered in a course on fundamentals of accounting. It includes 5 units that cover topics such as basic bookkeeping concepts, preparation of financial statements, depreciation methods, and accounting for non-trading concerns. Key areas covered are journal entries, ledger, trial balance, bank reconciliation, single and double entry bookkeeping systems, accounting standards and concepts in India. The goal is to introduce foundational accounting principles and skills.
A financial feasibility study assesses the financial viability of a business idea or project. It examines startup capital requirements and sources, operating expenses and revenues, and potential returns for investors. The study uses financial statements like the balance sheet, income statement, and statement of cash flows to evaluate the company's profitability, liquidity, solvency, and stability. Key financial metrics like ratios and cash flow methods are also analyzed to determine if the business or project is financially sound and worthwhile for investment.
A financial feasibility study assesses the financial viability of a business idea or project. It examines startup capital requirements and sources, operating expenses and revenues, and potential returns for investors. The study uses financial statements like the balance sheet, income statement, and statement of cash flows to evaluate the company's profitability, liquidity, solvency, and stability. Key financial metrics like ratios and cash flow methods are also analyzed to determine if the business or project is financially sound and worthwhile for investment.
What are the four 4 major financial statements.pdfsarikabangimatam
Financial statements summarize a company's business activities, financial performance, financial position, and cash flows through a series of written reports. All reports should be structured to convey relevant data in an easily digestible manner. Specifically, a cliff note on the financial performance of the Business Accountants. These reports typically provide a snapshot of a specific period of time and typically represent activity over a specific month, year, or specific time period. These financial statements are critical to understanding your business and performance.
This document provides definitions for over 100 financial terms. Some key terms defined include:
- Accounts payable and accounts receivable, which refer to amounts owed to and due from customers/vendors.
- Assets, which are anything with future economic value including tangible and intangible assets.
- Liabilities, which are obligations used to fund business operations.
- Income statement, balance sheet, and cash flow statement, which are the three main financial statements.
The document provides an overview of the three main financial statements: the balance sheet, income statement, and statement of cash flows. It explains that the balance sheet presents a company's assets, liabilities, and shareholder equity at a point in time. The income statement shows a company's revenues, expenses, gains and losses over a period of time. The statement of cash flows summarizes a company's cash inflows and outflows from operating, investing, and financing activities during a period.
This document defines and explains various corporate finance terms and concepts. It provides definitions for 52 terms related to assets, liabilities, financial ratios, accounting concepts, and other areas of corporate finance. Some key terms defined include assets, current assets, liabilities, earnings before interest and taxes (EBIT), return on capital employed (ROCE), working capital, balance sheet, budget, and net present value (NPV).
Financial accounting is the field of accounting concerned with preparing financial statements for public use by stakeholders to make decisions. It follows generally accepted accounting principles (GAAP) to record and report financial information like revenues, expenses, assets, and liabilities according to the accrual basis of accounting. The key financial statements generated are the income statement, balance sheet, statement of cash flows, and statement of stockholders' equity. At the core of financial accounting is the double-entry bookkeeping system to record each financial transaction and ensure the balance sheet balances.
This document provides an overview of key concepts in financial accounting and analysis. It begins with definitions and principles of financial accounting. It then explains key financial statements - the income statement, balance sheet, and cash flow statement - and what types of financial information each provides. The document also covers ratio analysis and defines categories of ratios that can be used to analyze a company's performance, including activity ratios, liquidity ratios, solvency ratios, and profitability ratios. It provides examples of specific ratios within each category.
The following is Investopedia's Financial Ratios Tutorial (Eng), made into a PPTx for easy use where internet services are limited. The information only covers the formulas presented, but not the whole process of usage, nor the file the site provides.
Also, it comes with a translated (Spa) chart of the most common financial ratios used in Mexican accounting.
This content is property of the original authors and I claim no ownership over it. Hopefully, it will serve as a tool for promoting knowledge and internationalization.
The document provides solutions to exercises for an accounting study guide. It includes solutions for exercises on defining accounting and its main functions, the difference between financial and management accounting, key financial statements (balance sheet, income statement, statement of cash flows), basic accounting principles, preparing balance sheets and income statements, double-entry accounting, recording transactions, and summarizing changes in financial position through journals and ledgers. Sample transactions are provided and journal entries are made to record the transactions.
Financial Account group assignment on Financial statement of Golden Agricultureamykua
This document provides an overview and examples of key financial statements including:
1) The balance sheet reports a company's assets, liabilities, and owner's equity at a point in time. It divides assets into current and long-term categories.
2) The income statement reports a company's revenues, expenses, and profits over a period of time. It follows revenue recognition and expense matching principles.
3) An example income statement from Golden Agri is presented showing revenues, expenses, and net income.
4) Financial statements provide important information to both internal and external users about a company's financial performance and health.
This document provides an overview of topics covered in Accounting Day 2, including:
1. A review of debit and credit concepts through quizzes.
2. An introduction to key financial statements - the income statement reflects profitability, the balance sheet reflects financial position, and the cash flow statement shows cash inflows and outflows.
3. How transactions affect the income statement and balance sheet through accrual-based accounting adjustments.
The document then explores each financial statement in more detail, defining their purpose and key components like assets, liabilities, and equity for the balance sheet, and revenues and expenses for the income statement. Sample statements are provided for illustration.
statement of cash flow and statement of retained earnings.sabaAkhan47
The document defines key accounting terms related to financial statements:
- A statement of cash flows reports the impact of operating, investing, and financing activities on a firm's cash flows over an accounting period. It summarizes changes in a company's cash position.
- The statement of retained earnings reconciles the beginning and ending balances in the retained earnings account and shows changes from net income and dividends.
- Key terms include securities, debt securities, equity securities, amortization, and accrual-based accounts.
This powerpoint presentation is created by Gyanbikash.com for the students of class nine to ten from their accounting NCTB textbook for multimedia class.
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptxEduSkills OECD
Iván Bornacelly, Policy Analyst at the OECD Centre for Skills, OECD, presents at the webinar 'Tackling job market gaps with a skills-first approach' on 12 June 2024
Financial statements include an income statement, balance sheet, cash flow statement, and notes to accounts. The income statement shows revenue, expenses and profit/loss. The balance sheet outlines assets, equity, and liabilities to depict the company's financial position. The cash flow statement summarizes cash inflows and outflows from operating, investing and financing activities. Notes to accounts provide additional details and breakdowns to fully explain the information in the financial statements.
Financial accounting involves recording business transactions over a period of time and preparing financial statements such as the balance sheet, income statement, and cash flow statement. These statements provide information on the company's operating performance. Transactions are recorded through debits and credits that increase or decrease different accounts. The balance sheet provides a snapshot of a company's assets, liabilities, and owner's equity at a given time. The income statement reports revenue and expenses to measure profitability over a period. Cash flow tracks cash inflows and outflows.
Financial accounting involves recording business transactions over a period of time and preparing financial statements such as the balance sheet, income statement, and cash flow statement. These statements provide information on the company's operating performance. Transactions are recorded through debits and credits that increase or decrease different accounts. The balance sheet provides a snapshot of a company's assets, liabilities, and owner's equity at a given time. The income statement reports revenue and expenses to measure financial performance over a period. Cash flow tracks cash inflows and outflows.
Financial plan and controll entrepreneurshipfatimanajam4
This file is uploaded to help the students learning finance easier. It will give a general understanding of planning and controlling of financial resources.
This document outlines the topics covered in a course on fundamentals of accounting. It includes 5 units that cover topics such as basic bookkeeping concepts, preparation of financial statements, depreciation methods, and accounting for non-trading concerns. Key areas covered are journal entries, ledger, trial balance, bank reconciliation, single and double entry bookkeeping systems, accounting standards and concepts in India. The goal is to introduce foundational accounting principles and skills.
A financial feasibility study assesses the financial viability of a business idea or project. It examines startup capital requirements and sources, operating expenses and revenues, and potential returns for investors. The study uses financial statements like the balance sheet, income statement, and statement of cash flows to evaluate the company's profitability, liquidity, solvency, and stability. Key financial metrics like ratios and cash flow methods are also analyzed to determine if the business or project is financially sound and worthwhile for investment.
A financial feasibility study assesses the financial viability of a business idea or project. It examines startup capital requirements and sources, operating expenses and revenues, and potential returns for investors. The study uses financial statements like the balance sheet, income statement, and statement of cash flows to evaluate the company's profitability, liquidity, solvency, and stability. Key financial metrics like ratios and cash flow methods are also analyzed to determine if the business or project is financially sound and worthwhile for investment.
What are the four 4 major financial statements.pdfsarikabangimatam
Financial statements summarize a company's business activities, financial performance, financial position, and cash flows through a series of written reports. All reports should be structured to convey relevant data in an easily digestible manner. Specifically, a cliff note on the financial performance of the Business Accountants. These reports typically provide a snapshot of a specific period of time and typically represent activity over a specific month, year, or specific time period. These financial statements are critical to understanding your business and performance.
This document provides definitions for over 100 financial terms. Some key terms defined include:
- Accounts payable and accounts receivable, which refer to amounts owed to and due from customers/vendors.
- Assets, which are anything with future economic value including tangible and intangible assets.
- Liabilities, which are obligations used to fund business operations.
- Income statement, balance sheet, and cash flow statement, which are the three main financial statements.
The document provides an overview of the three main financial statements: the balance sheet, income statement, and statement of cash flows. It explains that the balance sheet presents a company's assets, liabilities, and shareholder equity at a point in time. The income statement shows a company's revenues, expenses, gains and losses over a period of time. The statement of cash flows summarizes a company's cash inflows and outflows from operating, investing, and financing activities during a period.
This document defines and explains various corporate finance terms and concepts. It provides definitions for 52 terms related to assets, liabilities, financial ratios, accounting concepts, and other areas of corporate finance. Some key terms defined include assets, current assets, liabilities, earnings before interest and taxes (EBIT), return on capital employed (ROCE), working capital, balance sheet, budget, and net present value (NPV).
Financial accounting is the field of accounting concerned with preparing financial statements for public use by stakeholders to make decisions. It follows generally accepted accounting principles (GAAP) to record and report financial information like revenues, expenses, assets, and liabilities according to the accrual basis of accounting. The key financial statements generated are the income statement, balance sheet, statement of cash flows, and statement of stockholders' equity. At the core of financial accounting is the double-entry bookkeeping system to record each financial transaction and ensure the balance sheet balances.
This document provides an overview of key concepts in financial accounting and analysis. It begins with definitions and principles of financial accounting. It then explains key financial statements - the income statement, balance sheet, and cash flow statement - and what types of financial information each provides. The document also covers ratio analysis and defines categories of ratios that can be used to analyze a company's performance, including activity ratios, liquidity ratios, solvency ratios, and profitability ratios. It provides examples of specific ratios within each category.
The following is Investopedia's Financial Ratios Tutorial (Eng), made into a PPTx for easy use where internet services are limited. The information only covers the formulas presented, but not the whole process of usage, nor the file the site provides.
Also, it comes with a translated (Spa) chart of the most common financial ratios used in Mexican accounting.
This content is property of the original authors and I claim no ownership over it. Hopefully, it will serve as a tool for promoting knowledge and internationalization.
The document provides solutions to exercises for an accounting study guide. It includes solutions for exercises on defining accounting and its main functions, the difference between financial and management accounting, key financial statements (balance sheet, income statement, statement of cash flows), basic accounting principles, preparing balance sheets and income statements, double-entry accounting, recording transactions, and summarizing changes in financial position through journals and ledgers. Sample transactions are provided and journal entries are made to record the transactions.
Financial Account group assignment on Financial statement of Golden Agricultureamykua
This document provides an overview and examples of key financial statements including:
1) The balance sheet reports a company's assets, liabilities, and owner's equity at a point in time. It divides assets into current and long-term categories.
2) The income statement reports a company's revenues, expenses, and profits over a period of time. It follows revenue recognition and expense matching principles.
3) An example income statement from Golden Agri is presented showing revenues, expenses, and net income.
4) Financial statements provide important information to both internal and external users about a company's financial performance and health.
This document provides an overview of topics covered in Accounting Day 2, including:
1. A review of debit and credit concepts through quizzes.
2. An introduction to key financial statements - the income statement reflects profitability, the balance sheet reflects financial position, and the cash flow statement shows cash inflows and outflows.
3. How transactions affect the income statement and balance sheet through accrual-based accounting adjustments.
The document then explores each financial statement in more detail, defining their purpose and key components like assets, liabilities, and equity for the balance sheet, and revenues and expenses for the income statement. Sample statements are provided for illustration.
statement of cash flow and statement of retained earnings.sabaAkhan47
The document defines key accounting terms related to financial statements:
- A statement of cash flows reports the impact of operating, investing, and financing activities on a firm's cash flows over an accounting period. It summarizes changes in a company's cash position.
- The statement of retained earnings reconciles the beginning and ending balances in the retained earnings account and shows changes from net income and dividends.
- Key terms include securities, debt securities, equity securities, amortization, and accrual-based accounts.
This powerpoint presentation is created by Gyanbikash.com for the students of class nine to ten from their accounting NCTB textbook for multimedia class.
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptxEduSkills OECD
Iván Bornacelly, Policy Analyst at the OECD Centre for Skills, OECD, presents at the webinar 'Tackling job market gaps with a skills-first approach' on 12 June 2024
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
Gender and Mental Health - Counselling and Family Therapy Applications and In...PsychoTech Services
A proprietary approach developed by bringing together the best of learning theories from Psychology, design principles from the world of visualization, and pedagogical methods from over a decade of training experience, that enables you to: Learn better, faster!
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
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1. Basic accounting terms, acronyms, abbreviations and concepts to remember
Check out these basic accounting definitions and start to commit them to memory. That way, when you
start your accounting education journey, you’ll already feel like you’re a step ahead and speaking the
language.
1. Accounts receivable (AR)
Accounts receivable (AR) definition: The amount of money owed by customers or clients to a business
after goods or services have been delivered and/or used.
2. Accounting (ACCG)
Accounting (ACCG) definition: A systematic way of recording and reporting financial transactions for a
business or organization.
3. Accounts payable (AP)
Accounts payable (AP) definition: The amount of money a company owes creditors (suppliers, etc.) in
return for goods and/or services they have delivered.
4. Assets (fixed and current) (FA, CA)
Assets (fixed and current) definition: Current assets (CA) are those that will be converted to cash
within one year. Typically, this could be cash, inventory or accounts receivable. Fixed assets (FA) are
long-term and will likely provide benefits to a company for more than one year, such as a real estate, land
or major machinery.
5. Asset classes
Asset class definition: An asset class is a group of securities that behaves similarly in the marketplace.
The three main asset classes are equities or stocks, fixed income or bonds, and cash equivalents or money
market instruments.
6. Balance sheet (BS)
Balance sheet (BS) definition: A financial report that summarizes a company's assets (what it owns),
liabilities (what it owes) and owner or shareholder equity, at a given time.
7. Capital (CAP)
Capital (CAP) definition: A financial asset or the value of a financial asset, such as cash or goods.
Working capital is calculated by taking your current assets subtracted from current liabilities—basically
the money or assets an organization can put to work.
8. Cash flow (CF)
Cash flow (CF) definition: The revenue or expense expected to be generated through business activities
(sales, manufacturing, etc.) over a period of time.
2. 9. Certified public accountant (CPA)
Certified public accountant (CPA) definition: A designation given to an accountant who has passed a
standardized CPA exam and met government-mandated work experience and educational requirements
to become a CPA.
10. Cost of goods sold (COGS)
Cost of goods sold (COGS) definition: The direct expenses related to producing the goods sold by a
business. The formula for calculating this will depend on what is being produced, but as an example this
may include the cost of the raw materials (parts) and the amount of employee labor used in production.
11. Credit (CR)
Credit (CR) definition: An accounting entry that may either decrease assets or increase liabilities and
equity on the company's balance sheet, depending on the transaction. When using the double-entry
accounting method there will be two recorded entries for every transaction: A credit and a debit.
12. Debit (DR)
Debit (DR) definition: An accounting entry where there is either an increase in assets or a decrease in
liabilities on a company's balance sheet.
13. Diversification
Diversification definition: The process of allocating or spreading capital investments into varied assets
to avoid over-exposure to risk.
14. Enrolled agent (EA)
Enrolled agent (EA) definition: A tax professional who represents taxpayers in matters where they are
dealing with the Internal Revenue Service (IRS).
15. Expenses (fixed, variable, accrued, operation)
Expenses (FE, VE, AE, OE) definition: The fixed, variable, accrued or day-to-day costs that a business
may incur through its operations.
Fixed expenses (FE): payments like rent that will happen in a regularly scheduled cadence.
Variable expenses (VE): expenses, like labor costs, that may change in a given time period.
Accrued expense (AE):an incurred expense that hasn’t been paid yet.
Operation expenses (OE): business expenditures not directly associated with the production of
goods or services—for example, advertising costs, property taxes or insurance expenditures.
16. Equity and owner's equity (OE)
Equity and owner's equity (OE) definition: In the most general sense, equity is assets minus liabilities.
An owner’s equity is typically explained in terms of the percentage of stock a person has ownership
interest in the company. The owners of the stock are known as shareholders.
3. 17. Insolvency
Insolvency definition: A state where an individual or organization can no longer meet financial
obligations with lender(s) when their debts come due.
18. Generally accepted accounting principles (GAAP)
Generally accepted accounting principles (GAAP) definition: A set of rules and
guidelines developed by the accounting industry for companies to follow when reporting financial data.
Following these rules is especially critical for all publicly traded companies.
19. General ledger (GL)
General ledger (GL) definition: A complete record of the financial transactions over the life of a
company.
20. Trial balance
Trial balance definition: A business document in which all ledgers are compiled into debit and credit
columns in order to ensure a company’s bookkeeping system is mathematically correct.
21. Liabilities (current and long-term)
Liabilities (current and long-term) definition: A company's debts or financial obligations incurred
during business operations. Current liabilities (CL) are those debts that are payable within a year, such as
a debt to suppliers. Long-term liabilities (LTL) are typically payable over a period of time greater than
one year. An example of a long-term liability would be a multi-year mortgage for office space.
22. Limited liability company (LLC)
Limited liability company (LLC) definition: An LLC is a corporate structure where members cannot be
held accountable for the company’s debts or liabilities. This can shield business owners from losing their
entire life savings if, for example, someone were to sue the company.
23. Net income (NI)
Net income (NI) definition: A company's total earnings, also called net profit. Net income is calculated
by subtracting total expenses from total revenues.
24. Present value (PV)
Present value (PV) definition: The current value of a future sum of money based on a specific rate of
return. Present value helps us understand how receiving $100 now is worth more than receiving $100 a
year from now, as money in hand now has the ability to be invested at a higher rate of return. See an
example of the time value of money here.
25. Profit and loss statement (P&L)
4. Profit and loss statement (P&L) definition: A financial statement that is used to summarize a
company’s performance and financial position by reviewing revenues, costs and expenses during a
specific period of time, such as quarterly or annually.
26. Return on investment (ROI)
Return on investment (ROI) definition: A measure used to evaluate the financial performance relative
to the amount of money that was invested. The ROI is calculated by dividing the net profit by the cost of
the investment. The result is often expressed as a percentage. See an example here.
27. Individual retirement account (IRA, Roth IRA)
Individual retirement account (IRA) definition: IRAs are savings vehicles for retirement. A traditional
IRA allows individuals to direct pre-tax dollars toward investments that can grow tax-deferred, meaning
no capital gains or dividend income is taxed until it is withdrawn, and, in most cases, it’s tax deductible.
Roth IRAs are not tax-deductible; however, eligible distributions are tax-free, so as the money grows, it is
not subject to taxes upon withdrawals.
28. 401K & Roth 401K
401k & Roth 401k definition: A 401K is a savings vehicle that allows an employee to defer some of
their compensation into an investment-based retirement account. The deferred money is usually not
subject to tax until it is withdrawn; however, an employee with a Roth 401K can make contributions after
taxes. Additionally, some employers choose to match the contributions made by their employees up to a
certain percentage.
29. Subchapter S corporation (S-CORP)
Subchapter S corporation (S-CORP) definition: A form of corporation (that meets specific IRS
requirements) and has the benefit of being taxed as a partnership versus being subject to the “double
taxation” of dividends with public companies.
30. Bonds and coupons (B&C)
Bonds and coupons (B&C) definition: A bond is a form of debt investment and is considered a fixed
income security. An investor, whether an individual, company, municipality or government, loans money
to an entity with the promise of receiving their money back plus interest. The “coupon” is the annual
interest rate paid on a bond.
Accounting Terminology
It is important to learn about Accounting terminologies before starting with the study of accounting. Besides
that, the knowledge about common terminologies of accounting help to easily understand the accounting in
detail. Some of them are as follows.
Account
5. This is the first term is the glossary of the accounting terminology. An Account keeps the records in a
classified manner in the general ledger.
Account Balance
It is of two types: first a debit balance and second a credit balance. When the sum of debit entries are more
than the sum of credits than it is a debit balance and if the sum of debit entries is less than the sum of credits
than it is a credit balance.
Accounting
Accounting is everything about the process that helps to record, summarize, analyze, and report data that
concerns financial transactions. Besides that, it also takes care of the profits and loss issues in business.
Learn more Accounting Concepts, Principles and Conventions here in detail.
Accounts Payable
These are the liabilities in a business or an organization that shows the money owed to others. For example,
money spent on pending bills and taxes.
Accounts Receivable
This is an asset that represents the money owed by the other to the business and the organization. For
example, money the debtors owe the organization or credit sales made by the organization.
Accrual Basis
This is an accounting method that performs many functions like recognizing the revenue when earned, rather
than when collected, and expensed that incurred rather than when they are paid. In other words, Accrual basis
records all the financial transfers when they occur, i.e. in the period in which they occur rather.
Asset
It is a very important term in accounting terminology. It is a cash convertible property that one owns. For
example, land, buildings, cash in bank accounts are all assets. There are broadly two types of assets – current
asset and fixed asset.
Audit
The audit is a formal examination and evaluation of an organization’s records to ensure quality assurance,
check internal control, elimination of fraud, and to check the effectiveness of the policies.
6. Balance Sheet
It is the summary report on a specific date of the assets, liabilities and net assets of the business.
Budget
Budget is the total requirement of assets in the whole coming year.
Credit
It represents the reduction of an asset or in other words, the expenditure made or added to a liability. Its entry
is done on the right side of the balance sheet.
Debit
It represents the gain in the asset or the earnings made. The entry of debt is done on the left side of a double
entry accounting system.
Double-Entry Accounting
Double-entry accounting records financial transactions in which each transaction is entered in two or more
accounts. Furthermore, it involves two-way, self-balancing posting. Total debits must equal total credits.
Which means for every entry there is an equal and opposing effect.
Expense
An expense is funds paid by the organization or business. For example, paychecks to employees,
reimbursements to employees, payments to vendors for goods or services.
FASB
FASB stands for Financial accounting standards board. It is an independent, private, nongovernmental
authority that establishes the accounting principles in the United States.
Financial Statements
Financial statements are a series of reports showing a summary view of the various financial activities of
the business at a specific point in time. Also, each statement tells a different story about financial activity
taking place in the organization. The three main aspects of financial statements are Profit and Loss A/c,
Balance sheet, and Cash flow Statement.
Fiscal Year
7. A fiscal year is a period of 12 consecutive months chosen by an organization as its accounting period which
may
or may not be a calendar year. The general fiscal year used in India is 1st April to 31st March.
Fixed Asset
A fixed asset is any real item with a useful life of more than one year and, i.e. it does not have liquidity. For
example, the building of a company and the equipment required.
Fund Balance (Net Assets)
Fund balance represents the net assets of the company. To arrive at this number take total assets minus total
liabilities. Also, Any excess revenue over expenses or cumulative appreciation or depreciation on
investments will become a net asset at the end of the fiscal year.
GAAP
GAAP is an abbreviation for Generally accepted accounting principles which includes conventions, rules. In
addition, the procedures that are necessary to define accepted accounting practice at a particular time. Besides
that, The highest levels of such principles are set by FASB.
General Ledger
The general ledger is the collection of all assets, liability, fund balance (net assets), revenue and expense
accounts.
Income Statement
An Income statement is a summary report that shows revenues and expenses over a specific period of
time, such as a month, quarter or fiscal year.
Journal Entry
A journal entry is a group of debit and credit transactions that are included in the general ledger.
Consequently, All entries in the journal must result in zero so debits must be equal to credits.
Liability
Liability is what the business organization owes to others. For example-loans, taxes, long-term debt from a
bond issue, funds held by the college for a third party such as a student group.
Net Income (loss)
8. Net Income (loss) is the amount a department lost for a specific period of time. The arrival at this number
takes total revenues minus total expenses.
Restricted Fund
A restricted fund is a fund established to account for assets whose income must be used for purposes
established by donors or grantors.
Revenue
Revenue is the funds collected by the business, it can also be called income. For example, tuition, fees, etc.
Subsidiary Ledger
A subsidiary ledger is a group of accounts containing the detail of debit and credit entries. For instance,
detailed
information contained in Accounts Payable.
Unrestricted Fund
An unrestricted fund is an accounting terminology term that is a fund having no restrictions as to use or
purpose.