Looking for accounting terms and definitions?
You’ve come to the right place!
My name is Connor Gillivan. I’ve been an Entrepreneur for the past 15 years growing companies to 6, 7, and 8 figures online.
In this article, we’ll define 50 popular accounting terms that you should understand as a business owner.
If you have questions, feel free to reach out to us at [email protected].
- The conservatism principle encourages accountants to recognize potential losses and liabilities as soon as they are probable, but to only recognize potential gains and assets when they are certain.
- It promotes a more cautious approach to financial reporting, ensuring that financial statements do not overstate the financial position or performance of a company.
- The conservatism principle helps mitigate the risk of overstating assets or income, providing a more realistic view of a company’s financial health.
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And here’s some free resources:
- Monthly Finance Meeting Agenda
- 9 Steps to Master Your Ecommerce Bookkeeping Checklist
- The Ultimate Guide on Finding an Ecommerce Virtual Bookkeeping Service
- 6 Reasons Accurate Ecommerce Accounting is Crucial for Your Business
- Accounting Basics 101: What Small Business Owners Must Know
- Generally Accepted Accounting Principles (GAAP) Cheat Sheet
- How to Read a Balance Sheet & Truly Understand It
Final Thoughts on Accounting Terms
We hope this Accounting Terms guide is helpful!
If there’s an accounting term you think we missed, reach out and let us know so we can add it to the article.