Glossary of Accounting Terms

Account

Accounting cycle:

Accounting Period

Accural basis of accounting

Balance Sheet Equation

Book value

Business Equity Principle:

Contra Account

Cost principle:

Credit Invoice
(source document)

Current ratio:

Debt ratio:

Declining balance depreciation:

Double entry accounting:

Equity ratio:

General partnership

GAAP

HST

limited partnership:

Matching Principle:

Principle of Materiality:

Merchandise Turnover Formula

Principle of Objectivity:

Periodic Inventory Method:

Perpetual Inventory Method:

Petty Cash fund:

Quick Ratio:

Bank Reconciliation Statement:

Time Period Principle: