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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