ACCOUNTING - The art of recording, classifying, summarizing information, ASSETS - Economic Resources of the Firm, CONTRA ACCOUNT - Example is Accumulated Depreciation, ACCRUED INCOME - Income Earned not yet collected, PREPAID ASSETS - Payment in Advance , LIABILITIES - Economic Obligations of the firm, ACCRUED EXPENSE - Expense already but not yet paid, Unearned Income - Collected but not yet earned, Equity - After deducting Liability from Asset, Report Form - Items in the balance sheet are arranged from top to botton, Account Form - A = L+ E,

Accounting Terminologies

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