Account a record that provides information about a given asset, liability, equity, revenue, or expense

Accountant a practitioner with acquired skills in the field of accountancy

Accounting academic discipline involving the reporting, interpretation, and organization of a financial structure for a business

Accounting Cycle a series of steps followed when processing and reporting accounting information

Assets physical or non-physical resources owned by an organization that has economic value

Auditor an individual who conducts an objective appraisal of accounting processes and data within an organization

Bookkeeper an individual who documents an organization's monetary transactions

Controller an individual within an organization accountable for all aspects of financial reporting and accounting

Credit entry made on the right side of an account

Debit entry made on the left side of an account

Equity the remaining value once liabilities are subtracted from assets

Expenses costs associated with operating or maintaining a business

Financial Accounting a branch of accounting focused on external reporting of financial status to provide information to decision-makers and interested parties

General Journal initial documentation of a financial transaction as it originates

General Ledger aggregates all accounting records within an organization in preparation for financial statements

Investor an individual who has dedicated capital to a company with an expectation of a return on their investments

Liabilities Debts and other financial responsibilities of an organization

Managerial Accounting a branch of accounting focused on internal reporting to assist internal management with decisions, structure, and goods

Natural Balance expected type of balance for a specific account classification

Permanent Accounts accounts whose balances carry over from one accounting period to the next accounting period

Revenue earnings from interest or from the sale of goods or services

Shareholder an individual or organization that legally owns one or more shares in a company

Temporary Accounts accounts whose balances are closed at the end of an accounting period and reopened at the beginning of the next period

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