Basic Accounting Terminology Made Simple

Whether you're interested in pursuing a career in accounting or just need to brush up on terminology to help operate your business, it helps to have a working knowledge of some general, common accounting usage. Here are some useful, straightforward terms and their applications to get you on your way:

Accounting is the umbrella phrase used to define a procedure applied in the recording of a business' income and expenses used to calculate tax rates, profitability, and overall financial well-being. Within the overall practice, you'll need to record credits and debits in a general ledger that tracks the account. Your accounting system may produce data including balance sheets, profit and loss statements, and cash flow reports.

An account is the entity that holds recorded information about an individual business or business entities or clients grouped by type. Information printed out about the account is called a business statement, a document of paid or unpaid invoices for service.

An invoice is a billing record of transactions submitted for payment.

General ledger once was a physical document now replaced by accounting software that records postings to the business account -- either value in or value out (revenues, expenditures, accounts payable, and accounts receivable).

Accounts payable details business debt, owed for merchandise, products, or services, often acquired on credit.

Accounts receivable are documented debt owed you by clients and customers, including sales made on credit.

Net income is derived by subtracting all expenses and losses from your annual gross income.

Schools are listed in alphabetical order by state then city.

University of Phoenix	[Online]
Whether you’re seeking an associate’s, bachelor’s, master’s or doctoral degree, University of Phoenix can help you reach your goal much sooner than you might expect. Programs: BS in Business/Accounting BS in Business/Finance MBA/Accounting Single Courses - Finance Request More Information >

ECPI Online	[Online]
A tech degree from ECPI means success in the real world. For over 36 years, ECPI has taught courses that focus on the skills employers need. Programs: Accounting Systems Administration Request More Information >

Ellis MBA	[Online]
Programs: MBA/Accounting and Information Systems MBA/Finance Request More Information >

Ellis University

[Online]

Looking to take your career to another level? Ellis University gives you the opportunity to earn your undergraduate degree, graduate degree, or advanced certificate, all online, on your terms. Choose from a wide range of programs in fields such as Accounting, Business Administration, Advertising, Computer Science, Education and more.
Programs:
  A.A.S. - Accounting
  BS - Finance
  BS - Managerial Accounting
  BS - Professional Accounting
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Everest College	[Online]
Advance your education and your career by earning your college degree. Everest College can help train you for a rewarding, long-term career in areas such as business, healthcare, legal studies, or technology. Get the skills employers are looking for and succeed beyond your wildest dreams. Financial aid is available to students who qualify. Programs: Accounting Request More Information >

Everest University Online

[Online]

Advance your career (or start a new one) without interrupting your life. At Everest University Online, you’ll get the tools to prepare for a better future. Earn your Associate’s, Bachelor’s, or Master’s degree in fields such as Business and Criminal Justice. Take classes at the times and places you choose, balance the demands of family and a career, and get personalized, one-on-one attention from expert instructors in your field of study.
Programs:
Accounting Associate
Accounting Bachelor
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Harrison College

[Online]

Get started on your career with an education from Harrison College. We offer more than 30 degree, certificate, and diploma programs in the fields of health sciences, veterinary technology, information technology, criminal justice, and business, in addition to our culinary arts academy. We have 13 campuses in Indiana and Ohio, and, depending on the field of study, some or all classes may be taken online.
Programs:
Accounting
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Kaplan University

[Online]

Earn your degree, advance your career, and achieve your goals with an online degree or certificate from Kaplan University. And do it all without missing a day of work. Kaplan University offers accredited online degree programs in Business, Criminal Justice, Technology and Design, and Paralegal Studies. Kaplan also offers Continuing Education, allowing working professionals to earn certificates in Forensic Nursing, Legal Nurse Consulting, Life Care Planning, and Financial Planning.
Programs:
A.A.S. in Business Administration/Accounting
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Keiser University eCampus Online	[Online]
Keiser University eCampus Online offers degrees in fields that are in high demand and provides job placement assistance to all its students and alumni. We research trends for growing fields and tailor our curriculum to prepare students for entry and advancement to rewarding careers. Programs: Bachelor's - Accounting Request More Information >

Penn Foster Schools

[Online]

Looking for an edge in your career? Penn Foster offers affordable, career-focused distance education programs designed to give you the skills you need to launch a new career in one of today’s hottest, most in-demand fields. Study online, in print, or in combination, and take advantage of our expert faculty and friendly support staff. Program options include business, health services, technology, engineering, criminal justice, paralegal studies and many more.
Programs:
Finance and Business
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Rasmussen College	[Online]
Programs: Accounting Banking and Finance Forensic Accounting Request More Information >

Westwood College

[Online]

Think you don't have time to earn the respected degree you need? Think again. Westwood College's online program gives you the flexibility to study at the times and places you choose. You'll also get the opportunity to interact with your instructors and fellow students in real time. Degree programs offered include business, criminal justice, design and technology.
Programs:
Business Administration - Accounting
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