Accountant Glossary

HI it's Junior ! I'm about to teach you a few words that are relate to the world of an Accountant. These words might not means anything to you when you will read them first, but you will see it's really not difficult.

Short term

ordinary due within one year.

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Cash and cash equvalent

ASSET account on a balance sheet representing paper currency and coins, negotiable money orders and checks, bank balances, and certain short-term government securities.

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Marketable securities

Stocks and other negotiable instruments which can be easily bought and sold on either listed exchanges or over-the-counter markets.

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Receivables

Amounts of money due from customers or other DEBTORS.

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Long term Asset

An ASSET that has the following characteristics: (1) it has a useful life of more than one year; (2) it is acquired for use in the operation of a business; and (3) it is not intended for resale to customers.

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Asset

An economic resource that is expected to be of benefit in the future. Probable future economic benefits obtained as a result of past transactions or events. Anything of value to which the firm has a legal claim. Any owned tangible or intangible object having economic value useful to the owner.

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Short term iabilities

All DEBT obligations coming due within one year; show on a balance sheet as CURRENT LIABILITIES.

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Account payables

A financial record of an individual ACCOUNT PAYABLE in which entries can be made daily.

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Long term asset

An INVESTMENT that management plans to hold for more than one year.

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Total liabilities

A DEBT that falls due more than one year in the future or beyond the normal OPERATING CYCLE, or that is to be paid out of noncurrent assets.

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Equity (Share holders)

Residual INTEREST in the ASSETS of an entity that remains after deducting its LIABILITIES. Also, the amount of a business' total assets less total liabilities. Also, the third section of a BALANCE SHEET, the other two being assets and liabilities.

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Statement of income

One of the basic FINANCIAL STATEMENTS that is GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) required as part of a complete set of financial statements prepared in conformity with . It categorizes net cash provided or used during a period as operating, investing and financing activities, and reconciles beginning and ending cash and cash equivalents.

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Revenues (net sales)

Sales of products, merchandise, and services; and earnings from INTEREST, DIVIDEND, rents.

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Cost of sales

Original price of an ASSET, used in determining CAPITAL GAIN.

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Gross margin

The difference between NET SALES and COST OF GOODS SOLD.

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Operating income

The difference between the REVENUES of a business and the related costs and expenses, excluding INCOME derived from a sources other than its regular activities and before income deductions.

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Interest (Financial expense)

Payment for the use or forbearance of money.

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Net income

Excess or DEFICIT of total REVENUES and GAINS compared with total expenses and losses for an ACCOUNTING period.

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Net Loss

The difference between expenses and REVENUES when expenses exceed revenues over a period of time.

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Securities and Commodities Exchanges

Organized, national EXCHANGES where securities, options, and futures contracts are traded by members for their own accounts and for the accounts of customers.

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Here is the Source of all the Definition 

http://www.nysscpa.org/professional-resources/accounting-terminology-guide#lettera