What Are the Basic Accounting Definitions? – Part 1 | accounting

Basic accounting definitions form the basis this process, since they provide explanations of the essential items, processes and features applied in accounting to analyze, summarize and record business transactions for the purpose to prepare financial statements and provide data to its users. In order to master accountancy theory and practice, we need to understand basic accounting definitions, the main of which are covered further in this article.Account – the form used to record increases and decreases for each type of assets, liabilities and owners’ equityAccounting – the practice of identifying, measuring, recording and reporting of financial data to its users to allow them make supported judgments and decisions about the business.Accountant – a person responsible for managing the books of a business.Accounting Cycle – a series of procedures used to analyze, summarize, record and reports business transactions during a particular accounting period.Equation – relationship between the assets, liabilities and equity, where Assets=Liabilities+Owners’ Equity.Accrual Basis – a method of accounting in which transactions take place when a liability is incurred or revenue is earned even if cash has not been exchanged between entities.Adjusting Entries – entries made at the end of the accounting cycle that update all the accounts in an accrual system.Asset – cash or other property with value owned by the business.Balance Sheet – report of the financial status of the business. Such reports inlcude asset, liabilities, and equity accounts as of particular date.Bookkeeping – process of recording of a business transactions.Cash Basis – method of accounting in which transactions are recorded as cash, either collected or paid out.Closing Entries – step at the end of the accounting cycle in which the balances in temporary accounts are reduced to zero for the purpose of preparation for the next cycle.Credit – right side of account, used to decrease assets, increase liabilities and owners’ equity. Also credit means recording an accounting entry on the right side of the account.Debit – left side of account, used to increase assets, decrease liabilities and owners’ equity. Also debit means recording an entry on the left side of the account.Depreciation – decrease in the value of an asset due to age or consumption.Remember you should explore and learn these basic accounting definitions in order to manage the accountancy theory and practice, understand and keep records properly and accurately.


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