Accounting Glossary
by Angelina “Savannah Hawk” Cameron
1. Depreciation
2. Accounts Receivable
3. Accounts Payable
4. Statements
4.1. Income
4.2. Balance Sheet
4.3. Cash Flow
5. Asset
6. Liabilities
7. Equity
8. Revenue
9. Expenses
10. Current Assets
11. Accrual-Basis Accounting
12. Accrual
13. Cost of Goods Sold (COGS)
14. Variable Overhead Efficiency Variance
15. Variable Overhead Spending Variance
16. Sole Proprietorship: A sole proprietorship, is also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by an individual.
16.1. Partnership: A business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.
16.2. Private Limited Company: It is a type of privately held small/medium business entity, in which owner liability is limited to their shares, the firm is limited to having 200 or fewer shareholders, and shares are prohibited from being publicly traded.
17. Business Entities
17.1. Private Limited Company
17.2. Limited Liability Partnership (LLP)
17.3. Sole Proprietorship
17.4. Public Limited Company
17.5. Corporation
