Glossary Of Accounting
My field of study is accouting and I study in College Montmorency. I made this glossary so that more people can understand the basics of accounting.
Accounting glossary
I write this glossary to people that don't know much about accounting.
- Account
- noun
- A record or statement of financial expenditure or receipts relating to a particular period or purpose.
- Example: The ledger contains all the income and expense accounts.
- fr: Compte
- balance sheet
- noun
- A financial statement that summarizes a company's assets, liabilities and share holder' equity at a specific point in time.
- Example: The balance sheet is one of the three core financial statements that are used to evaluate a business.
- fr: bilan
- bankruptcy
- noun
- A legal proceeding involving a person or a business that is unable to repay outstanding debts.
- Example: Bankruptcy can allow you a fresh start, but it will stay on your credit reports for a number of years and make it difficult to borrow in the future.
- fr: faillite
- contract
- noun
- An agreement between two or more parties to do or not do something specified.
- Example: If he breaks the contract, he'll be sued.
- fr: contrat
- credit
- noun
- The deduction of a payment made by a debtor from an amount due.
- Example: The authorities were very generous with granting credit.
- fr: crédit
- down payment
- noun
- An initial payment made when something is bought on credit.
- Example: I made a down payment on my first house.
- fr: acompte
- finance
- noun
- The management of revenues; the conduct or transaction of money matters.
- Example: The finance manager didn't approve my project.
- fr: finance
- gross income
- phrase
- Receipts and going from all sources less the cost of goods sold.
- Example: My annual gross income is higher than most people.
- fr: revenu brut
- interest
- noun
- A charge for a loan, usually a percentage of the amount loaned.
- Example: My bank charge me a lot of interest because I don't pay my bills in time.
- fr: intérêts
- Liquid assets
- noun
- Assests in the form of cash.
- Example: Lquid asset can be turned into cash easily.
- fr: Liquidités
- margin
- noun
- The difference between a sale price and a cost.
- Example: A margin account is a loan account with a broker which can be used for share trading.
- fr: Marge
- Mortgage
- noun
- A debt instrument that is secured by the collateral of specified real estate property and that the borrower is obliged to pay back with a predetermined set of payments.
- Example: The mortgage on my house is high.
- fr: Hypothèque
- net earnings
- phrase
- The total revenue in an accounting period minus all expenses during the same period
- Example: Net earning is easy to calculate.
- fr: Bénéfice net
- pension
- noun
- A regular payment made during a person's retirement from an investment fund to which that person or their employer has contributed during their working life.
- Example: My grandpa is taking his retirement. He will be able to have a pension.
- fr: Pension
- profit
- noun
- A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
- Example: During the pandemic, our company didn't make a lot of profit.
- fr: profit
- Residual value
- phrase
- Estimated scrap value of an asset at the end of its economic or useful life.
- Example: Houses residual values have increased a lot the last 2 years.
- fr: Valeur résiduelle
- salary
- noun
- A fixed amount periodically paid to a person for a regular work or services.
- Example: My boss have a better salary than me.
- fr: Salaire
- share
- noun
- A unit of account for the capital or stock of a company.
- Example: I have a share of Amazon.
- fr: part
- solvency
- noun
- The ability to meet maturing obligations as they come due.
- Example: I don't have a good solvency ratio.
- fr: solvabilité
- stock
- noun
- The capital raised by a business or corporation through the issue and subscription of shares.
- Example: The stockmarket needs to be checked everyday.
- fr: actions
- tangible asset
- phrase
- Equipement, machinery, plant, property that has long-term physical existence or is acquired for use in the operations of the business and not for sale to customers.
- Example: A factory have many tangible assets.
- fr: Actif tangible
- tax
- noun
- A compulsory contribution to state revenue, levied by the government on worker' income and business profits or added to the cost of some goods, services, and transactions.
- Example: In Quebec, we have more taxes than the rest of Canada.
- fr: Taxes
- transfer pricing
- phrase
- The price that is assumed to have been charged by one part of a company for products and services it provides to another part of the same company, in order to calcite each division's profit and loss separately.
- Example: My company have many divisons, so we need to have transfer pricing.
- fr: Prix de transfert
- wages
- noun
- Money that is tied or received for work or services, by the hour, day or week.
- Example: The new guy will have the same wage has me when his training will be done.
- fr: salaire
