32 Accounting Abbreviations You Must Know

 

Every company and every industry has their own set of abbreviations that are used. Some companies have a long list of abbreviations and other companies have a shorter list. Learning that list is always a challenge when beginning a new job. It can be like learning a second language. This list of accounting abbreviation is a must for any accountant, but it is also beneficial for investors, employees interacting with the accounting department, and also business owners communicating with their accountant. Accounting is considered the language of business and these 32 accounting abbreviations are a crash course to the accounting language.

A/R – Accounts Receivable

ACCR – Accrued

ACCT – Account

A/P – Accounts Payable

BAL – Balance

BAL SHT – Balance Sheet

CF – Cash Flow

COGS – Cost of Goods Sold

CPA – Certified Public Accountant

CR – Credit

DR- Debit

DEPR – Depreciation

EA – Enrolled Agent

ERP – Enterprise Resource Planning

EXP – Expense

FIFO – First In First Out

GAAP – Generally Accepted Accounting Principles

GL – General Ledger

INC – Income

IRS – Internal Revenue Service

LIAB – Liability

LIFO – Last In First Out

NI – Net Income

P/L – Profit Loss Statement

PV – Present Value

REV – Revenue

ROA – Return on Assets

ROI – Return on Investment

SEC – Securities and Exchange Commission

SOX – Sarbanes Oxley Act

UNAMORT – Unamortized

YTD – Year to Date

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