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Summary

Essential Accounting Terms You Should Know

Entering into the accounting field can be a little confusing at first with all of the new terminologies to learn. Don't feel left out in conversations, and don't be left behind because you aren't sure what someone is talking about.

Whether you're studying accounting in school, working in the accounting department of an international organization, or just reviewing financial statements as an investor, you may occasionally encounter terminology that's unfamiliar.

This Practical Accounting Guide Helps You With:

  • Starting Your First Big Job
  • Completing Undergraduate Work
  • Preparing for the CPA Exam
  • General Tax Accounting
  • Reading Financial Statements
  • Small Business Accounting
  • LLC & Bank Accounting

This practical glossary compiles a list of over 150 most common accounting terms you're likely to encounter. Every accounting term is explained in detail, with clear and concise article style description and practical examples.

As a small business owner, one of the first things you should do is make sure you have a basic understanding of accounting terms. Knowing at least a few accounting key terms will make you a much more well-rounded and versatile business owner.

Make Accounting Less of a Mystery

If you do all of your own bookkeeping, understanding basic accounting terminology - that applies to business - helps you prepare your tax return, understand financial reports, and communicate with others about your business’s financial position.

This accounting dictionary is a crucial addition to any accountants guidebook.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

©2019 Thomas Herold (P)2019 Thomas Herold

What listeners say about Accounting Terms - Financial Education Is Your Best Investment

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Should listen and take advantage

Quick simple read. Good for very basic entry level Fin Acc understanding. Good for any non-accountant business owner.

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Designated accounting standard-setter.

The organization of the examples is excellent and very fluid, best book ever. Thanks Mr Thomas Herold

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Best one I've read so far

Great book to learn from zero or to refresh key accounting concepts, including test for the CPA Exam. Easy to understand. Based on practical examples, following a storyline. Thus, it is carefully written and presented, resulting in a very didactic resource, just designed to Bookkeeping and Finance Principles, Tax Accounting & Management for Business. I do recommend it.

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You probably need it.

This book is perfect for ones that want to learn finance, economy, and stocks. Great for an absolute beginner. This book really helps be to have better understanding when I research through websites like investopedie. I was very confused the first time at investopedia and couldn't understand a whole lot. But after listening this audiobook and how simple and easy to understand it is, I can understand finance in general and learn a lot of finance vocabularies with a lot less effort. If I can give it 100 stars, I will

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Great Accounting Shortcut

This book is special. I’m a CFA and have a MS in Finance and I have never read a book that so beautifully explains financial statement analysis. Truly one of those special books that you will keep forever. Fantastic, a must read for anyone interested in corporate finance. 11/10

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A useful introductory book

This book does exactly what its title says. This is my third book of the series and I love everything about how Herold makes everything simple. You will not become a expert but you will have better understanding.

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This is definately for you!!

I've been looking for a concise explanation of basic accounting principles in preparation for starting my own business. This was a prefect place to start!

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Useful for Business Owners

This is a useful reference tool for small business owners to help them understand their business's financial position.

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Excellent references

Great overview of tax accounting. The real-world examples were helpful to apply the concepts covered, and the additional resources serve as excellent reference for later use. Well done and thank you!

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To understand financial statements

Great book to get you started and it may be all you need to understand financial statements. It will not make a CPA out of you, but that is not what it is for. The author assumes you know very little as you begin and gradually adds more detail to the reports and their explanation. Good educational audible book.

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  • Christopher Presley
  • 25-10-19

Accounting is not hard!

I used this to review for a new job. Listen in one or two sitting. Perfect overview for those who have trouble with bigger textbooks reading. Simple listening concepts that you can research more thoroughly elsewhere, if needed. Accounting is not hard!

16 people found this helpful

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  • Debra Figueroa
  • 25-10-19

Easily explained ~

This audiobook explains accounting concepts in an easier to understand format without getting bogged down into too much detail. I'm currently working on my BS Degree in Accounting and was struggling with some of the course content. This audiobook helped!

15 people found this helpful

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  • Betty
  • 25-10-19

Vulnerable

I wanted a book that explains the very basics to a novice and this hits the mark. I have listened other books but been none the wiser. This book is basic and for the total beginner - probably not the book for you if you need more in depth information but if you want to clearly understand the absolute basics this covers it all nicely.

13 people found this helpful

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  • Vanessa Nelson
  • 25-10-19

Good Listen but a little long

A must listen for anyone struggling to tie together accounting concepts. Sums up important things you need to know and all will be complete in between 12 hours listening. Definitely worth purchasing. The author manages to cover a surprising amount in the 11 hours and 16 minutes book.

12 people found this helpful

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  • George Duncan
  • 25-10-19

A new perspective.

I came into this book with a very preliminary understanding of accounting and a relatively strong math background, but this really broke down a lot of concepts and helped me to understand not just the "how", but the "why". Having done some further reading since this book, I can say that this was a pretty fantastic introduction.

10 people found this helpful

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  • David Rodriquez
  • 25-10-19

Asset for future

Very helpful for refreshing your memory about some of the basic concept when you haven't done accounting for a while. Great asset for future development

9 people found this helpful

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  • Miriam
  • 25-10-19

love this author

I just read through this title for the second time. The author's brief explanations and concise, and numerous, examples make it the perfect look-up or how-to reference. As a business owner, I refer to this book as well as "Personal Finance Terms - Financial Education Is Your Best Investment" to keep me sharp and my books accurate.
If you don't manage your books directly, this title will give you the skills to double check your account's and bookkeeper's work and help you ask intelligent questions.

8 people found this helpful

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  • Carl Gravelle
  • 25-10-19

Great for complete novices

Can't stress how helpful this audio book is; gives a solid understanding of general accounting concepts in a well-summarized and small, easy to understand package.

8 people found this helpful

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  • Jose Ruffin
  • 25-10-19

User friendly and practical

Another great course by THOM! Above all, it's down-to-earth and applicable to real life business situations. The explanations are simple and clear and easy to follow along. Although I do have previous accounting experience, I learnt a lot of new things about the accounting processes, such as what steps are required to take place before a transaction can be recorded, what accompanying documents are needed and what the principles and methods of cash controls are. Additionally, Herold is very responsive and always willing to help with detailed explanations.

7 people found this helpful

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  • Michael
  • 25-10-19

Groovy!

Finally, a book for business owners like me who did not have any training in financial matters! The author is a genius. Using easy-to-understand language and metaphors, he explains what you need to know to make good business decisions and prevent problems before they occur without the confusing accounting jargon. Before this book, I avoided looking at my financials because they were a source of frustration. Now I literally can't wait to look at them every month because, at last, I understand what they are telling me. Trust me, start with this book instead others. Even if you know the basics, you'll enjoy the listening and apply the information within in an entirely new way. I'd give this book more than 5 stars if I could.

7 people found this helpful