Bookkeeping and accountancy deal with maintaining record of all the transactions that a business/individual makes. The Buzzle article below provides a glossary of accounting terms and definitions that are most commonly-used.
Accounting helps keep a track of the financial position of the business and forms the basis for good financial planning. While studying accountancy, you may come across several terms that you may not be familiar with. Most glossaries may help you with it, but some definitions may be too elaborately worded for most people to understand, resulting in a confusion. The paragraphs below conjure up a list of basic and advanced accounting terms in a simple language.