Accounting Terminology Guide
The NYSSCPA has prepared this glossary as an educational tool for journalists who report on and interpret financial information. We encourage your comments and suggestions as we continue to develop materials to assist financial journalists.
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- 401(k) Plan
- A Misstatement is Inconsequential
- Abatement
- Absorption Costing
- Accelerated Depreciation
- Account
- Account Payable
- Account Receivable
- Accountable Plan
- Accountant
- Accountants' Report
- Accounting
- Accounting Change
- Accounting Cycle
- Accounting Principles Board (APB)
- Accounts Payable Subsidiary Ledger
- Accounts Receivable Subsidiary Ledger
- Accounts Receivable Turnover
- Accrual
- Accrual Accounting
- Accrual Basis
- Accrued Expense
- Accrued Interest
- Accumulated Depreciation
- Accumulation
- Acid-Test Ratio
- Acquisition
- Actuary
- Additional Paid in Capital
- Adjusted Basis
- Adjusted Gross Income
- Adjusted Trial Balance
- Adjusting Journal Entry
- ADR
- Adverse Opinion
- Affiliated Company
- Agency Fund
- Agreed-Upon Procedures Report
- AICPA
- Allocate
- Allowance for Doubtful Accounts
- Alternative Dispute Resolution
- Alternative Minimum Tax (AMT)
- American Depository Receipt (ADR)
- American Institute of Certified Public Accountants (AICPA)
- Amortization
- AMT
- Analyst
- Analytical Procedures
- Annual Report
- Annuity
- Anti-Dilution
- APB
- Appreciation
- Assembly of Financial Statements
- Assertion
- Asset
- Asset Turnover
- At Par
- Audit
- Audit Documentation
- Audit Engagement
- Audit Risk
- Audit Sampling
- Auditing Standards
- Auditor
- Auditors' Report
- Authorized Shares
- Average Days’ Inventory On-Hand
- Average Days’ Sales Uncollected
- Average-Cost Method
- Backup Withholding
- Bad Debt
- Balance
- Bank Reconciliation
- Bank Statement
- Bankruptcy
- Base Market Value
- Beginning Inventory
- Bequest
- Beta Coefficient
- Bid and Asked
- Blue Sky Laws
- Board of Directors
- Bond
- Bond Discount
- Bond Indenture
- Bondholder
- Book Value
- Bookkeeping
- Boot
- Bottom Line
- Break-Even Point
- Break-Even Units
- Budget
- Burden Rate
- Business Combinations
- Business Segment
- Buyout
- Bylaws
- Cafeteria Plan
- Call Loan
- Call Price
- Callable
- Callable Instrument
- Capital Asset Pricing Model (CAPM)
- Capital Expenditure
- Capital Gain
- Capital Projects Funds
- Capital Stock
- Capitalize
- Capitalized Cost
- Capitalized Interest
- Capitalized Lease
- CAPM
- Carrying Value
- Carryovers
- Cash
- Cash Account
- Cash Basis
- Cash Dividend
- Cash Equivalents
- Cash Flow to Assets
- Cash Flow to Sales
- Cash Flows
- Cash Payments Journal
- Cash Ratio
- Cash Receipts Journal
- Casualty Loss
- CD
- CEO
- Certificate of Deposit (CD)
- Certified Financial Planner (CFP)
- Certified Internal Auditor (CIA)
- Certified Management Accountant (CMA)
- Certified Public Accountant (CPA)
- CFO
- CFP
- Chief Executive Officer (CEO)
- Chief Financial Officer (CFO)
- CIA
- Claim for Refund
- Clean Opinion
- Close
- Closed-End Mutual Fund
- Closing Entry
- CMA
- CMO
- Co-Mingling
- Collateral
- Collateralized Mortgage Obligation (CMO)
- Combined Financial Statement
- Comfort Letter
- Commercial Paper
- Commission
- Committee of Sponsoring Organizations of the Treadway Commission (COSO)
- Commodities
- Common Stock
- Company
- Company Level Controls
- Comparative Financial Statement
- Compensate
- Compensatory Balance
- Compilation
- Compilation Engagement
- Compilation Report
- Complex Trust
- Compliance Audit
- Compound Interest Principles
- Comprehensive Income
- Condensed Financial Statement
- Confirmation
- Conservatism
- Consistency
- Consolidated Financial Statements
- Consolidation
- Constructive Receipt
- Consumer Goods
- Contingency
- Contingent Liability
- Continuing Operations
- Continuing Professional Education (CPE)
- Contra Account
- Contra-Liability Account
- Contract
- Contributed Capital
- Contribution Margin
- Control Deficiency
- Control Risk
- Controls Tests
- Conversion
- Convertible Stock
- Copyright
- Corporate Bond
- Corporate Income Tax
- Corporation
- COSO
- Cost Accounting
- Cost Basis
- Cost of Capital
- Cost of Goods Sold
- Cost Recovery Method
- Coupon
- Coupon Bond
- Coverdell Education Savings Account (Education IRA)
- CPA
- CPE
- Credit
- Credit Agreement
- Credit Balance
- Creditor
- Current Asset
- Current Liability
- Current Ratio
- Current Value
- Current Yield
- Date of Auditors'/Accountants' Report
- DDB
- Dealer
- Death Benefit
- Debenture
- Debenture Stock
- Debit
- Debit Balance
- Debt
- Debt Instrument
- Debt Retirement
- Debt Security
- Debt Service Fund
- Debt-to-Equity Ratio
- Debtor
- Decedent
- Declare
- Declining-Balance Method
- Defalcation
- Default
- Defeasance
- Deferral
- Deferred Charge
- Deferred Income Taxes
- Deferred Interest Bond
- Deferred Payment Annuity
- Deficiency in Design
- Deficiency in Operation
- Deficit
- Defined Benefit Plan
- Defined Contribution Plan
- Deflation
- Demand Loan
- Dependent Care Expenses
- Depletion
- Deposit Method
- Depreciation
- Derivatives
- Detailed Income Statement
- Detection Risk
- Detective Controls
- Direct Labor Costs
- Direct Material
- Direct Overhead
- Disbursement
- Disclaimer of Opinion
- Disclosure
- Discontinued Operations
- Discount
- Discount Bond
- Discount Rate
- Discount Yield
- Discounted Cash Flow
- Discretionary Trust
- Disposable Income
- Dissolution
- Distribution Expense
- Distributions
- Dividend Payout Ratio
- Dividends
- Dividends in Arrears
- Dividends Payable
- Dividends Yield
- Documentation Completion Date
- Double Taxation
- Double-Declining-Balance Depreciation Method (DDB)
- Double-Entry Bookkeeping
- Draft
- Dual Dating
- Due Date
- Due Diligence
- Dutch Auction
- Earned Income
- Earned Income Tax Credit (EITC)
- Earnings Per Share (EPS)
- Earnings Price Ratio
- Econometrics
- Economic Growth Rate
- Economics
- Effective Interest Method
- Effective Interest Rate
- Effective Tax Rate
- EITC
- EITF
- Emerging Issues Task Force (EITF)
- Employee Benefit Plan
- Employee Stock Ownership Plan (ESOP)
- Encumbrance
- Ending Inventory
- Endorsement
- Engagement Completion Document
- Entrepreneur
- EPS
- Equilibrium Price
- Equity
- Equity Account
- Equity Financing
- Equity Method of Accounting
- Equity Securities
- Error
- Escrow
- ESOP
- Estate Tax
- Estimated Tax
- Estimation Transactions
- Evidential Matter
- Exchanges
- Excise Tax
- Excluded Income
- Exclusions
- Executor
- Exempt Organization
- Exemption
- Expatriation Tax
- Expectation Gap
- Expenditure
- Expense
- Expense Ratio
- Experienced Auditor
- Exploration Expenditures
- Exposure Draft
- Extension
- Extent of Tests of Control
- External Reporting
- Extinguishment of Debt
- Extraordinary Items
- Face Value
- Factoring
- Factoring: Over-Advances
- Factory Overhead Costs
- Fair Credit Reporting Act
- Fair Market Value
- FASB
- Favorable Variance
- Federal Income Taxes
- Federal Reserve Bank
- Federal Reserve System
- Fiduciary
- FIFO
- Filing of Returns
- Finance
- Financial Accounting Standards
- Financial Accounting Standards Board (FASB)
- Financial Institution
- Financial Leverage
- Financial Statements
- Finished Goods
- Finished Goods Inventory
- Firm
- First In, First Out (FIFO)
- Fiscal Year
- Fixed Annuity
- Fixed Assets
- Fixed Costs
- Fixed Price
- Fixture
- Floor
- Flotation Cost
- FOB
- FOB Destination
- FOB Shipping Point
- Forecast
- Forecasted Balance Sheet
- Forecasted Income Statement
- Forecasting of Cash Flow
- Foreclosure
- Foreign Corporation
- Foreign Currency Translation
- Foreign Exchange
- Foreign Tax Credit
- Form 10-K
- Form 10-Q
- Form 8-K
- Form W-4
- Franchise
- Franchise Tax
- Fraud
- Free Cash Flow
- Free On Board (FOB)
- Freight In
- Freight Out
- Full Disclosure
- Fund Accounting
- Fundamental Analysis
- Funding
- Future Contract
- Future Value
- GAAP
- GAAS
- Gain
- GAO
- GASB
- General Journal
- General Ledger
- General Partnership
- Generally Accepted Accounting Principles (GAAP)
- Generally Accepted Auditing Standards (GAAS)
- Gift
- Going Concern
- Going Private
- Going Public
- Goods Available for Sale
- Goodwill
- Governing Documents
- Government Accountability Office (GAO)
- Governmental Accounting Standards Board (GASB)
- Grantee
- Grantor
- Greenmail
- Gross Income
- Gross Margin
- Gross Sales
- Guaranty
- Half-Life
- Head of Household
- Hedge
- Held-to-Maturity Security
- High-Low Method
- High-Premium Convertible Debenture
- Historical Cost
- Holding Period
- Hope Scholarship Credit
- Horizontal Analysis
- IASC
- IMA
- Improvement
- Imputed Interest
- In Arrears
- Income
- Income from Operation
- Income Statement
- Income Summary
- Income Tax Basis
- Incorporation
- Incremental Cash Flow
- Indenture
- Independence Standard Board (ISB)
- Independent Broker
- Index
- Indirect Cost
- Indirect Labor Costs
- Indirect Manufacturing Costs
- Indirect Materials
- Indirect Method
- Individual Retirement Account (IRA)
- Inflation
- Inflation Rate
- Inheritance
- Initial Public Offering (IPO)
- Inquiry
- Inside Information
- Insolvency
- Insolvent
- Installment Method
- Institute of Management Accounts (IMA)
- Instrument
- Insurance
- Insured Account
- Intangible Asset
- Interest
- Interest Coverage Ratio
- Interest Rate
- Interim Dividend
- Interim Financial Statements
- Internal Audit
- Internal Control
- Internal Control Over Financial Reporting
- Internal Rate of Return
- Internal Revenue Code
- Internal Revenue Service (IRS)
- International Accounting Standards Committee (IASC)
- International Mutual Fund
- Intrinsic Value
- Inventory
- Inventory Financing
- Inventory Turnover
- Invest
- Investing
- Investment
- Investment Banker
- Investment Income
- Investment Tax Credit
- Invoice
- Involuntary Conversions
- IPO
- IRA
- IRS
- ISB
- Issue
- Issued and Outstanding
- Issuer
- Jeopardy
- Job Order
- Joint Return
- Joint Venture
- Journal
- Journal Entry
- Junk Bonds
- Just-In-Time
- Keogh Plan
- Key Employee
- Key Industry
- Key Person Insurance
- Kiting
- Labor
- Laissez-Faire
- Land
- Last In, First Out (LIFO)
- Lay Off
- Lease
- Lease Acquisition Cost
- Lease-Purchase Agreement
- Leasehold
- Ledger
- Ledger Account
- Lender
- Lending Securities
- Lessee
- Lessor
- Letter of Credit
- Letter of Intent
- Leverage
- Leveraged Buy Out
- Leveraged Lease
- Liability
- Lien
- Life Expectancy
- Lifetime Learning Credit
- LIFO
- LIFO Liquidation
- Limited Company
- Limited Liability
- Limited Liability Company (LLC)
- Limited Liability Partnership (LLP)
- Limited Partnership
- Liquid Assets
- Liquidation
- Liquidity
- Liquidity Ratio
- Listed Property
- Litigation Support/Dispute Resolution
- LLC
- LLP
- Loan
- Loan Value
- Long Bond
- Long Term
- Long-Term Asset
- Long-Term Debt
- Long-Term Gain
- Long-Term Investment
- Long-Term Liability
- Long-Term Loss
- Loss
- Loss on Disposal of Plant and Equipment
- Lower of Cost or Market
- Lump-Sum Distribution
- Macroeconomics
- Management
- Management Accounting
- Management Discussion and Analysis (MD&A)
- Management's Report
- Managerial Accounting
- Manipulation
- Manufacture
- Manufacturing Overhead
- Margin
- Margin of Profit
- Marginal Cost
- Marginal Tax Rate
- Mark-to-Market
- Markdown
- Market
- Market Capitalization
- Market Index
- Market Interest Rate
- Market Price
- Market Share
- Market Value
- Marketable Securities
- Marketing
- Markup
- Married Taxpayers
- Matching Principle
- Material
- Material Weakness
- Materiality
- Materials Inventory Account
- Maturity
- Maturity Date
- MD&A
- Merchandise
- Merchandise Inventory
- Merger
- Microeconomic Pricing Model
- Microeconomics
- Mixed Costs
- Modeling
- Modified Accelerated Cost Recovery System
- Monetary Items
- Money Laundering
- Money Market
- Monopoly
- Mortgage
- Moving Average
- Moving Average Method
- Municipal Bond
- Mutual Agency
- Mutual Fund
- NASBA
- NASDAQ
- National Association of Securities Dealers Automated Quotations (NASDAQ)
- National Association of State Boards of Accountancy (NASBA)
- Nationalization
- NAV
- Negative Assurance
- Negligence
- Negotiable
- Net
- Net Asset Value (NAV)
- Net Assets
- Net Current Assets
- Net Income
- Net Lease
- Net Loss
- Net Present Value (NPV)
- Net Present Value Method
- Net Proceeds
- Net Sales
- Net Worth
- New York Stock Exchange (NYSE)
- No-Par Stock
- No-Par Value
- Non Routine Transactions
- Non-Callable
- Non-for-Profit Organization/Tax-Exempt Organization
- Non-Sufficient Funds (NSF) Check
- Nonresident Alien
- Not-for-Profit
- Note
- Notes Payable
- Notes Receivable
- Notional
- NPV
- NSF Check
- NYSE
- Objectivity
- Obligations
- Obsolescence
- OCBOA
- Offer
- Offering Price
- OPEB
- Open-End Mutual Fund
- Operating Agreement
- Operating Cycle
- Operating Expense
- Operating Lease
- Operating Profit (or Loss)
- Opportunity Cost
- Option
- Ordinary Annuity
- Ordinary Income
- Organization
- Organization Expenditures
- Original Cost
- Other Comprehensive Basis of Accounting (OCBOA)
- Other Post-Retirement Employee Benefit (OPEB)
- Output
- Outsourcing
- Outstanding
- Outstanding Check
- Over-the-Counter
- Overhead
- Overhead Application Rate
- Owner’s Equity
- P/E Ratio
- Paid in Capital
- Par
- Par Value
- Parent Company
- Partnership
- Passive Activity Loss
- Passive Income
- Patronage Dividends
- Payback Period
- Payback Period Method
- Payout Ratio
- PCAOB
- Peer Review
- Penalty
- Pension
- Period
- Periodic Inventory System
- Periodicity
- Perpetual Inventory
- Personal Financial Planning
- Personal Financial Specialist (PFS)
- Personal Financial Statements
- Personal Property
- Petty Cash
- PFS
- Phantom Income
- Physical Inventory
- Plant
- Pledged Asset
- POB
- Pooling of Interest
- Portfolio
- Post-Closing Trial Balance
- Post-Retirement Benefits
- Predetermined Overhead Rate
- Preemptive Right
- Preferred Stock
- Premium
- Premium Bond
- Prenuptial Contract
- Prepaid Expense
- Present Value
- Preventive Controls
- Price Range
- Price/Earnings (P/E) Ratio
- Primary Earnings Per Share
- Prime Rate
- Principal
- Private Placement
- Privilege
- Privity
- Pro Forma
- Pro Rata
- Product Line
- Production
- Profit
- Profit Margin
- Profit Margin Pricing
- Profit Sharing Plan
- Profitability
- Projection
- Promissory Note
- Property, Plant, and Equipment
- Proprietorship
- Prospective Financial Information (Forecast and Projection)
- Prospectus
- Proxy
- Public Company Accounting Oversight Board (PCAOB)
- Public Offering
- Public Oversight Board (POB)
- Purchase Method of Accounting
- Purchase Order
- Purchases
- Purchases Discounts
- Purchases Returns and Allowances
- Push-Down Accounting
- Puts
- Qualified Opinion
- Qualitative
- Qualitative Analysis
- Quality
- Quantitative Analysis
- Quantity
- Quarter
- Quarterly Reports
- Quasi-Reorganization
- Quick Assets
- Quick Ratio
- R&D
- Rate of Return
- Ratio Analysis
- Raw Material
- Raw Materials Inventory Account
- Real Estate
- Real Estate Investment Trust (REIT)
- Real Estate Mortgage Investment Conduit (REMIC)
- Real Income
- Real Interest Rate
- Real Property
- Real Rate of Return
- Realization
- Realized Profit (or Loss)
- Reasonable Assurance
- Rebate
- Recapitalization
- Receivable Turnover
- Receivables
- Recession
- Reconcile
- Reconciliation
- Recovery
- Red Herring
- Redemption Value
- Refinancing Agreement
- Refunding
- Registrar
- Regression Analysis
- Regressive Rate
- Regulated Investment Company (RIC)
- Reinsurance
- Reinvestment Rate
- REIT
- Related Party Transaction
- Relevant Assertions
- REMIC
- Reorganization
- Repairs
- Replacements
- Report
- Report Release Date
- Repos
- Repurchase Agreement (Repos)
- Required Rate of Return
- Rescind
- Research and Development (R&D)
- Research and Development Costs
- Reserve
- Resident Alien
- Residual Value
- Restricted Assets
- Restricted Fund
- Restructuring
- Retail Method
- Retained Earnings
- Retained Earnings Account
- Retire
- Return
- Return on Assets
- Return on Equity
- Return on Investment (ROI)
- Return on Sales
- Revenue Recognition
- Revenues
- Review
- Review Engagement
- Review Report
- RIC
- Right of Rescission
- Right to Setoff
- Risk
- Risk Averse
- Risk Management
- Risk-Adjusted Discount Rate
- ROI
- Routine Transactions
- S Corporation
- Safe Harbor Rule
- Sale
- Sale-Leaseback Transaction
- Sales Discount
- Sales Tax
- Salvage Value
- SAS
- Savings Bond
- Seasonality
- SEC
- SEC Filings
- SEC Registration Statement
- Secondary Market
- Secured Bond
- Secured Debt
- Securities and Commodities Exchanges
- Securities and Exchange Commission (SEC)
- Securities Industry Association (SIA)
- Securitization
- Security
- Security Interest
- Self Employment Tax
- Sell Out
- Selling, General, and Administrative (SG&A) Expenses
- Sensitivity Analysis
- SEP Plan
- Separate Entity
- Serial Bond
- Settlement Method
- SFAS
- Share
- Shareholder
- Shares Authorized
- Shares Outstanding
- Short Bond
- Short Coupon
- Short Interest
- Short Sale
- Short-Term
- Short-Term Debt
- Short-Term Gain or Loss
- Short-Term Investment
- SIA
- Significant Accounts
- Significant Deficiency
- Significant Findings or Issues
- Simple Interest
- Simple Plans
- Simple Trust
- Simplified Employee Pension (SEP) Plan
- Single Audit Act
- Single-Premium Deferred Annuity (SPDA)
- Sinking Fund
- Small Business Stock
- Social Security
- Sole Proprietorship
- Solvency
- Solvent
- SPDA
- Special Assessment
- Special Report
- Specialist
- Specialized Mutual Fund
- Specific Identification Method
- Speculation
- Spinoff
- Split Offering
- Spot Market
- Spread
- Spreadsheet
- SSARS
- Standard
- Standard Cost
- Standard Deduction
- Standard Deviation
- Start-Up Costs
- Stated Value
- Statement
- Statement of Cash Flows
- Statement of Cost of Goods Manufactured
- Statement of Financial Accounting Standards (SFAS)
- Statement of Financial Condition
- Statement of Owner’s Equity
- Statements on Auditing Standards (SAS)
- Statements on Standards for Accounting and Review Services (SSARS)
- Statute of Limitations
- Stepped Up Basis
- Stock Compensation Plan
- Stock Exchange
- Stock Market
- Stock Option
- Stock Rights
- Stock Split
- Stockholder
- Stockholders’ Equity
- Straight-Line Depreciation
- Straight-Line Percentage
- Strike Price
- Subsequent Event
- Subsidiary
- Sum-of-the-Years-Digits Method
- Surplus
- Surviving Spouse
- Swap
- T Account
- Takeover
- Tangible Asset
- Target Costing
- Tax
- Tax Basis
- Tax Court
- Tax Credit for the Elderly and Disabled
- Tax Lien
- Tax Shelter
- Tax Year
- Taxable Earnings
- Taxable Income
- Taxable Municipal Bond
- Taxpayer Identification Number (TIN)
- Tenancy-in-Common
- Term
- Term Loan
- Test
- Time Value
- Time Value of Money
- Timing of Tests of Control
- TIN
- Tip
- Title
- Ton
- Total Capitalization
- Total Cost
- Total Direct Labor Cost Variance
- Total Direct Materials Cost Variance
- Total Gain
- Total Inventory Method
- Total Quality Management
- Trade
- Trade Date
- Trademark
- Trader
- Transaction
- Transfer
- Transfer Agent
- Transfer Price
- Transfer Tax
- Transferee Liability
- Transferred Basis
- Treasurer
- Treasury
- Treasury Bill
- Treasury Bond
- Treasury Instruments
- Treasury Note
- Treasury Stock
- Trend
- Trend Analysis
- Trial Balance
- Troubled Debt Restructuring
- Trust
- Trustee
- Turnover
- UAA
- Unamortized Bond Discount
- Unamortized Premiums on Investments
- Unaudited Financial Statements
- Underlying Debt
- Underlying Security
- Undervalued
- Underwrite
- Unearned Discount
- Unearned Income
- Unearned Interest
- Unequal Cash Flows
- Uniform Accountancy Act (UAA)
- Uniform Capitalization Rules
- Unissued Stock
- Unit
- Unlimited Liability
- Unqualified Opinion
- Unrealized Loss or Gain on Long-Term Investments
- Unrealized Profit (or Loss)
- Unrestricted Funds
- Unsecured Bond
- Use of Professional Skepticism when Evaluating the Results of Testing
- Valuation
- Valuation Allowance
- Value
- Value-Added Tax (VAT)
- Variable Annuity
- Variable Costs
- Variable Manufacturing Costs
- Variable Overhead
- Variable Rate Loan
- Variance
- VAT
- Velocity
- Vendor
- Venture Capital
- Vertical Analysis
- Vesting
- Voidable
- Volatile
- Volatility
- Volume
- Wage
- Walkthroughs
- Warrant
- Wash Sale
- Weighted-Average-Cost Method
- Wholesale
- Wholesaler
- With Recourse
- Withholding
- Withholding Allowance
- Without Recourse
- Work in Progress
- Working Capital
- Working Interest
- Working Papers
- Worksheet
- Wrap-Around Mortgage
- Write Off
- Yellow Book
- Yield
- Yield Curve
- Yield to Call
- Yield to Maturity
- Zero-Coupon Bond
- Zero-Coupon Convertible Security