{"id":58257,"date":"2021-02-04T10:35:00","date_gmt":"2021-02-04T05:05:00","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=58257"},"modified":"2021-02-04T10:39:52","modified_gmt":"2021-02-04T05:09:52","slug":"important-accounting-terms","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/important-accounting-terms\/","title":{"rendered":"35 Important Accounting Terms For JK Finance Account Assistant Exam"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/important-accounting-terms\/#1_Important_Accounting_Terms_Definition\" >1. Important Accounting Terms &amp; Definition<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/important-accounting-terms\/#What_Do_We_Have_In_Cart_For_You\" >What Do We Have In Cart For You?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/important-accounting-terms\/#Links_to_Study_Notes\" >Links to Study Notes<\/a><\/li><\/ul><\/nav><\/div>\n<p>General Accounting Principle or very often termed as Accounts, is one of the most important sections for 2 major sectors of students. One if you are from a Commerce background or else you are preparing for government exams like <span style=\"color: #3366ff;\"><strong><a style=\"color: #3366ff;\" href=\"https:\/\/www.oliveboard.in\/jkssb-finance-account-assistant\/?ref=dj\" target=\"_blank\" rel=\"noopener noreferrer\">JKSSB Finance Account Assistant<\/a><\/strong><\/span>, <strong><span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.oliveboard.in\/upsc-epfo-eo\/?ref=dj\" target=\"_blank\" rel=\"noopener noreferrer\">UPSC EPFO EO 2020<\/a><\/span><\/strong>. Questions from accounts also seldom appear in other government exams like <strong><span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.oliveboard.in\/sebi\/?ref=dj\" target=\"_blank\" rel=\"noopener noreferrer\">SEBI Grade A<\/a><\/span><\/strong>, <strong><span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=dj\" target=\"_blank\" rel=\"noopener noreferrer\">RBI Grade B<\/a><\/span><\/strong>, and more. This makes it all the more important to be aware of the important terms, used in the context. Students from non-commerce backgrounds often face the issue of not being aware of the important terminologies of accounts. Hence, in this article, we will help you learn important accounting terminologies used widely and their meanings.<\/p>\n<p>So next time, when you are around a conversation on accounts, you will have a fair idea of the communication and the aspect of it.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"1_Important_Accounting_Terms_Definition\"><\/span><strong><span style=\"color: #000000;\">1. Important Accounting Terms &amp; Definition<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><strong><span style=\"color: #000000;\">1.1 Balance Sheet Terms &#8211; Basic Accounting<\/span><\/strong><\/h3>\n<ul>\n<li><strong><span style=\"color: #000000;\">Balance Sheet<\/span><\/strong> &#8211; It is a financial record of every incoming and outgoing monetary expense, liabilities, and expense. A Balance sheet is often described by the equation (Assets = Liability + Equity).<\/li>\n<li><strong><span style=\"color: #000000;\">Accounts Payable<\/span><\/strong> &#8211; This term refers to the business that a firm undertakes or avails and the payment is still to be made for the case. It is marked as a liability when we are talking about the Balance Sheet.<\/li>\n<li><strong><span style=\"color: #000000;\">Accounts Receivable<\/span><\/strong> &#8211; When a company provides a service the payment is often done cyclically and note immediately, this is shown as the accounts receivable when we make it in the balance sheet.<\/li>\n<li><strong><span style=\"color: #000000;\">Accrued Expenses<\/span><\/strong> &#8211; AE or Accrued Expense is an expense that has already been done by the company but it is still to be paid to the service provider.<\/li>\n<li><span style=\"color: #000000;\"><strong>Assets<\/strong> <\/span>&#8211; Anything that a company owns that has monetary value, it could be in the form of cash, land, shares, stakes, etc. are termed as an asset.<\/li>\n<li><strong><span style=\"color: #000000;\">Book Value<\/span><\/strong> &#8211; Any Asset over time loses its value in terms of money and life. The Book Value shows the price of the assets in today&#8217;s day after applying the depreciation value.<\/li>\n<li><strong><span style=\"color: #000000;\">Equity<\/span><\/strong> &#8211; It is defined as when all the liabilities are being removed from the assets the remaining part is called equity. This is the part that is owned by owners and investors.<\/li>\n<li><strong><span style=\"color: #000000;\">Liability<\/span> <\/strong>&#8211; All the debts that are still to be paid by the company are termed as Liability. This happens often because a service is availed and the payment terms state that the payment to be done after a period.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span style=\"color: #ffffff;\"><strong><a class=\"wp-block-button__link has-background has-vivid-cyan-blue-background-color\" style=\"color: #ffffff;\" href=\"https:\/\/www.oliveboard.in\/jkssb-finance-account-assistant\/?ref=dj\">ATTEMPT JKSSB FINANCE ACCOUNT ASSISTANT MOCK TEST HERE<\/a><\/strong><\/span><\/p>\n<h3><span style=\"color: #000000;\"><strong>1.2 Income Statement &#8211; Important Accounting Terms<\/strong><\/span><\/h3>\n<ul>\n<li><strong><span style=\"color: #000000;\">Cost of Goods Sold<\/span><\/strong> &#8211; This term defines the total cost that is incurred in the production and selling of the goods starting from the raw materials. This also includes the labor charges paid to the workers.<\/li>\n<li><strong><span style=\"color: #000000;\">Depreciation<\/span> <\/strong>&#8211; An asset purchased at a certain value cannot keep the same value intact over the years. It has to undergo depreciation in order to be marked for price after certain years of purchase.<\/li>\n<li><strong><span style=\"color: #000000;\">Gross Margin<\/span><\/strong> &#8211; It is defined by calculating the gross profit over the revenue generated for the period. This will us the gross margin. It also excludes the cost of sold goods.<br \/>\n<span style=\"color: #000000;\"><strong>Gross Margin = Gross Profit\/Revenue Generated<\/strong><\/span><\/li>\n<li><strong><span style=\"color: #000000;\">Gross Profit<\/span><\/strong> &#8211; Gross Profit marks the overall profit that is generated by the companies over a period, it also includes the cost of sold goods.<\/li>\n<li><strong><span style=\"color: #000000;\">Income Statement<\/span><\/strong> &#8211; The income statement is a sheet that shows the revenues, expenses, profits generated and all att a single place. Revenue earned is at the top of the sheet and is further distributed into lower expenses and income.<\/li>\n<li><strong><span style=\"color: #000000;\">Net Income<\/span><\/strong> &#8211; Net income is calculated by taking into account the total revenue and subtracting the expenses from the list.<\/li>\n<li><strong><span style=\"color: #000000;\">Net Margin<\/span><\/strong> &#8211; Net margin represents the profit in terms of its revenue.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span style=\"color: #ffffff;\"><strong><a class=\"wp-block-button__link has-background has-vivid-cyan-blue-background-color\" style=\"color: #ffffff;\" href=\"https:\/\/www.oliveboard.in\/jkssb-finance-account-assistant\/?ref=dj\">ATTEMPT JKSSB FINANCE ACCOUNT ASSISTANT MOCK TEST HERE<\/a><\/strong><\/span><\/p>\n<h3><strong><span style=\"color: #000000;\">1.3 General<\/span> <span style=\"color: #000000;\">Important<\/span> <span style=\"color: #000000;\">Accounting terms<\/span><\/strong><\/h3>\n<ul>\n<li><strong><span style=\"color: #000000;\">Accounting Period<\/span><\/strong> &#8211; This represents the period during which the revenue, expense, income, etc. has been marked in the balance sheet.<\/li>\n<li><strong><span style=\"color: #000000;\">Allocations<\/span> <\/strong>&#8211; The term defines the value in terms of money that is assigned to the business for overcoming a need. Departmental and business allocations are a part of it.<\/li>\n<li><strong><span style=\"color: #000000;\">Business Entity<\/span><\/strong> &#8211; This refers to a legal structure that a company forms in order of its requirement and market demands.<\/li>\n<li><strong><span style=\"color: #000000;\">Cash Flow<\/span><\/strong> &#8211; It defines the incoming and outgoing cash in a business. The Net Cash Flow for a period of time is found by taking the Beginning Cash Balance and subtracting the Ending Cash Balance. The positive cash flow would mean that more incoming cash and less outflow of cash.<\/li>\n<li><strong><span style=\"color: #000000;\">Credit<\/span> <\/strong>&#8211; A credit can be termed as an increase in the liability or equity account.<\/li>\n<li><strong><span style=\"color: #000000;\">Debit<\/span> <\/strong>&#8211; Debit can e termed as the decrease in the liability or equity account.<\/li>\n<li><strong><span style=\"color: #000000;\">Diversification<\/span> <\/strong>&#8211; It is termed as the formula for reducing risks. Here the money is divested into different assets so the bad performance of any one asset does not harm the overall output.<\/li>\n<li><strong><span style=\"color: #000000;\">Enrolled Agent<\/span><\/strong> &#8211; An Enrolled Agent is a professional accounting designation assigned to professionals who have successfully passed tests showcasing expertise in business and personal taxes. (source &#8211; paysimple.com)<\/li>\n<li><strong><span style=\"color: #000000;\">Fixed Cost(FC)<\/span><\/strong> &#8211; A fixed cost is a value that does not change with the sales volume. This best describes the salaries given to an employee. Companies would not give more salaries at the end of the month if they are doing more sales.<\/li>\n<li><strong><span style=\"color: #000000;\">General Ledger (GL)<\/span><\/strong> &#8211; This is kept to keep a complete record of financial transactions. Financial statements are prepared keeping the general ledger as a base.<\/li>\n<li><strong><span style=\"color: #000000;\">Generally Accepted Accounting Principles(GAAP)<\/span><\/strong> &#8211; These are the rules that all accountants abide by when performing the act of accounting. These general rules were established so that it is easier to compare \u2018apples to apples\u2019 when looking at a business\u2019s financial reports. (source &#8211; paysimple.com)<\/li>\n<li>\u00a0<strong><span style=\"color: #000000;\">Journal Entry<\/span><\/strong> &#8211; This marks the changes that are being done in the company books. A unique identifier is to be allotted to each entry so that it could be tracked at a later stage.<\/li>\n<li><strong><span style=\"color: #000000;\">Liquidity<\/span> <\/strong>&#8211; It refers to the cash value of an asset. If an asset can be converted into the cash flow may it be inward or outward, it will come under liquidity.<\/li>\n<li><strong><span style=\"color: #000000;\">On Credit\/On Account Payment<\/span><\/strong> &#8211; A payment that will be done over time but the benefits are available to availed immediately are called On Credit\/ On Account payment.<\/li>\n<li><strong><span style=\"color: #000000;\">Overhead Expenses<\/span><\/strong> &#8211; These expenses include the extra charges that are put in order to run the business and product. This excludes all the CoGS.<\/li>\n<li><strong><span style=\"color: #000000;\">Payroll<\/span> <\/strong>&#8211; This is one of the most commonly used terms that define the records kept for salaries, wages, deductions, and benefits given to employees. This is often marked as the liability in the balance sheet.<\/li>\n<li><strong><span style=\"color: #000000;\">Present Value<\/span><\/strong> &#8211; This defines the value of an asset in today&#8217;s date. Due to the possibility of inflation, the cash value today is considered more as of tomorrow.<\/li>\n<li><strong><span style=\"color: #000000;\">Return on Investments<\/span><\/strong> &#8211; This term is used to define the profit that the company is making over the amount of money put starting from the production to marketing to selling.<\/li>\n<li><span style=\"color: #000000;\"><strong>Trial Balance<\/strong> &#8211; Trial Balance is a listing of all accounts in General Ledger with their balance amount (either debit or credit). The total debits must equal the total credits, hence the balance. (source &#8211; Paysimple.com)<\/span><\/li>\n<li><span style=\"color: #000000;\"><strong>Variable Cost<\/strong> &#8211; These are costs that change with the volume of sales undergone over a certain period. Variable costs incline with more sales because they are an expense that is incurred in order to deliver the sale.<\/span><\/li>\n<\/ul>\n<div class=\"sfContentBlock\">\n<h2><span class=\"ez-toc-section\" id=\"What_Do_We_Have_In_Cart_For_You\"><\/span><span id=\"What_Do_We_Have_In_Cart_For_You\"><strong>What Do We Have In Cart For You?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n<ol>\n<li>10 JKSSB Finance Account Assistant\u00a0<strong><a href=\"https:\/\/www.oliveboard.in\/jkssb-finance-account-assistant\/?ref=dj\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Mock Tests<\/a><\/strong><\/li>\n<li>60 JK Finance Account Assistant\u00a0<strong><a href=\"https:\/\/www.oliveboard.in\/jkssb-finance-account-assistant\/?ref=dj\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Sectional Tests<\/a><\/strong><\/li>\n<li><a href=\"https:\/\/www.oliveboard.in\/jkssb-finance-account-assistant\/?ref=dj&amp;next=https:\/\/mocks.oliveboard.in\/banking\/jkfinlessons.php\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\"><strong>JKSSB Finance Account Assistant Complete Study Notes<\/strong><\/a><\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Links_to_Study_Notes\"><\/span><span id=\"Links_to_Study_Notes\"><strong>Links to Study Notes<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>JK GK (<a href=\"https:\/\/www.oliveboard.in\/jkssb-finance-account-assistant\/?ref=dj&amp;next=https:\/\/mocks.oliveboard.in\/banking\/jkfinlessons.php\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\"><strong>Get Study Notes Here<\/strong><\/a>)<\/li>\n<li>Accountancy &amp; Book Keeping (<a href=\"https:\/\/www.oliveboard.in\/jkssb-finance-account-assistant\/?ref=dj&amp;next=https:\/\/mocks.oliveboard.in\/banking\/jkfinlessons.php\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\"><strong>Get Study Notes Here<\/strong><\/a>)<\/li>\n<li>General English (<a href=\"https:\/\/www.oliveboard.in\/jkssb-finance-account-assistant\/?ref=dj&amp;next=https:\/\/mocks.oliveboard.in\/banking\/jkfinlessons.php\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\"><strong>Get Study Notes Here<\/strong><\/a>)<\/li>\n<li>Statistics (<a href=\"https:\/\/www.oliveboard.in\/jkssb-finance-account-assistant\/?ref=dj&amp;next=https:\/\/mocks.oliveboard.in\/banking\/jkfinlessons.php\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\"><strong>Get Study Notes Here<\/strong><\/a>)<\/li>\n<li>Mathematics (<a href=\"https:\/\/www.oliveboard.in\/jkssb-finance-account-assistant\/?ref=dj&amp;next=https:\/\/mocks.oliveboard.in\/banking\/jkfinlessons.php\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\"><strong>Get Study Notes Here<\/strong><\/a>)<\/li>\n<li>Economics (<a href=\"https:\/\/www.oliveboard.in\/jkssb-finance-account-assistant\/?ref=dj&amp;next=https:\/\/mocks.oliveboard.in\/banking\/jkfinlessons.php\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\"><strong>Get Study Notes Here<\/strong><\/a>)<\/li>\n<li>General Science (<a href=\"https:\/\/www.oliveboard.in\/jkssb-finance-account-assistant\/?ref=dj&amp;next=https:\/\/mocks.oliveboard.in\/banking\/jkfinlessons.php\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\"><strong>Get Study Notes Here<\/strong><\/a>)<\/li>\n<li>Knowledge of Computers (<a href=\"https:\/\/www.oliveboard.in\/jkssb-finance-account-assistant\/?ref=dj&amp;next=https:\/\/mocks.oliveboard.in\/banking\/jkfinlessons.php\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\"><strong>Get Study Notes Here<\/strong><\/a>)<\/li>\n<\/ol>\n<p><span style=\"color: #000000;\">This was all from us in this blog, Important Accounting Terms<strong>.<\/strong> Account terms should now be clear to you and you will be able to comprehend the accounts section for upcoming exams. We hope that you like it and it proves to be helpful in understanding and learning when you prepare for JKSSB Finance Account Assistant Exam 2021.<\/span><\/p>\n<p><strong>Also, Check:<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.oliveboard.in\/bank-exams\/?ref=tsh\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>100+ Free Mock Tests<\/strong><\/a><\/li>\n<li><strong><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=in.oliveboard.prep\" target=\"_blank\" rel=\"noopener noreferrer\">Oliveboard Mobile App<\/a><\/strong><\/li>\n<li><a href=\"https:\/\/discuss.oliveboard.in\/?ref=tsh\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Oliveboard\u2019s discuss forum<\/strong><\/a>\u00a0\u2013 For any more query, you can directly join our telegram channel. Our experts will definitely help you.<\/li>\n<li><strong><a href=\"https:\/\/t.me\/obbanking\">Oliveboard Telegram Group<\/a><\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>General Accounting Principle or very often termed as Accounts, is one of the most important sections for 2 major sectors<\/p>\n","protected":false},"author":50,"featured_media":58263,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,10315],"tags":[],"class_list":["post-58257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-jkssb-finance-account-assistant-exam","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>35 Important Accounting Terms For JK Finance Account Assistant Exam<\/title>\n<meta name=\"description\" content=\"Know all the important accounting terms used in General Accounts. Get complete understanding and prepare for exams like JK Finance Account Ass. Exam, etc\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oliveboard.in\/blog\/important-accounting-terms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"35 Important Accounting Terms For JK Finance Account Assistant Exam\" \/>\n<meta property=\"og:description\" content=\"General Accounting Principle or very often termed as Accounts, is one of the most important sections for 2 major sectors of students. 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Get complete understanding and prepare for exams like JK Finance Account Ass. 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