Accounting Essentials: Concepts, Terms and Meaning

Accounting, as a subject of study, is an engaging course, all pervading and directly or indirectly impacts on virtually all we do, both in business and our private lives. It is a living subject as it continues to grow, develop and expand in scope and depth with the evolution of businesses and societies. Several terms are used to define, describe and convey the meanings of what the Accountant proposes to portray in the financial presentations. While some terms readily lend themselves to easy interpretation, appreciation and usage, some are much more difficult to understand by the casual reader and even by the student of accountancy in his or her early stages of apprenticeship. This compendium contains a compilation of some selected accounting related concepts, terms and topics (picked at no particular order), together with their meaning as intended by the Accountant. It also includes some Economics and Finance terms. They were put together in this format in an attempt to assist the readers comprehension of the accounting terminologies as commonly used by the practitioners. The work is not intended to be a stand alone exposition and exhaustive, but as an adjunct of the main texts on the various topics covered. As a reference book, it is proposed to provide a handy companionship to the student of accountancy, finance, economics and anyone who wishes to learn and appreciate the contents of published financial statements and the invaluable presentations of the Accountants. Access to the Accounting Standards and the Guidelines as listed toward the last pages of the book could provide a useful tool in the hands of a strong admirer as well as the practitioner of the subject of accountancy.