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The accounting glossary

Plain-English definitions, each with where the concept actually lives in your books. No jargon defined with more jargon.

Accounts payable Accounts receivable Accrual accounting AI agent Amortization Asset Audit trail Bad debt Balance sheet Bank reconciliation Book value Capital cost allowance (CCA)Cash basis accounting Cash flow Chart of accounts Contra account Cost of goods sold (COGS)Credit (bookkeeping)Credit note Current asset Current liability Debit (bookkeeping)Debit note Demand forecasting Depreciation Double-entry bookkeeping Drawings Equity Expense FIFO (first in, first out)Fiscal year Fixed asset General ledger GIFI Goodwill Gross margin Gross profit GST HST Income statement Input tax credit (ITC)Inventory Invoice Journal entry Liability Margin Markup Net income Operating expense Overhead Petty cash Place of supply Prepaid expense Purchase order Reconciliation Reorder point Retained earnings Revenue Reversing entry Safety stock Sales order T2 return Trial balance Undeposited funds Working capital Write-off Year-end close

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