Reaching Your Financial Goals Begins with a Clear Understanding of the Basics.
Free, Printable Accounting Terms
Cheat Sheet
A digital document to help you understand the basic principles of small business accounting.
- Familiarize yourself with the basic concepts and language of accounting.
- Learn the fundamental differences between common accounting methods.
- Access basic terms quickly and efficiently
- Simple, straightforward and easy to understand
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Accounting Cycle
The process of collecting, recording, and analyzing transactions and accounting events related to your business beginning with a transaction and ending with the inclusion of that transaction your business’s financial statements.
Credit Entries
Entries posted on the right side of an account ledger that can signify either an increase in an equity, liability, or revenue account, or a decrease in an expense or asset account.
Double-Entry Bookkeeping
An accounting system that states that each individual financial transaction is recorded as either a debit or a credit and has equal and opposite effects in at least two different accounts. It can be illustrated by the accounting equation: Assets = Liabilities + Equity.
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