Glossary of Terms
As you work through the course content, you may need to find the meaning of a specialised term or a term you have not encountered before. This glossary can be accessed from any course using the glossary panel on the left hand side of the screen.
Special | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | ALL
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Balance Day AdjustmentsBalance day adjustments are adjustments that need to be made on some accounts at the end of the accounting period or financial year. This is done so that they accurately reflect the position of the business |
Balance sheetA Balance Sheet is a financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time. A Balance Sheet is also referred to as the Statement of Financial Position |
BookkeepingBookkeeping is the recording of financial transactions. It is a part of the process of accounting |
Bookkeeping cycleBookkeeping cycle referred to as accounting process or the Accounting Cycle. It is the collective process of recording and processing the accounting events of a company. The series of steps begin when a transaction occurs and end with its inclusion in the financial statements |