{"id":11827,"date":"2020-04-21T11:46:57","date_gmt":"2020-04-21T16:46:57","guid":{"rendered":"https:\/\/quadranslawandfinance.com\/?p=11827"},"modified":"2020-04-21T11:54:38","modified_gmt":"2020-04-21T16:54:38","slug":"accounting-terms-you-should-know","status":"publish","type":"post","link":"https:\/\/quadranslawandfinance.com\/en\/blog\/accounting-terms-you-should-know\/","title":{"rendered":"Accounting terms you should know"},"content":{"rendered":"<div class=\"page\" title=\"Page 1\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Accounting terms are usually complicated for amateurs and new businesses. However, whether you are responsible for your company\u2019s accounts, or have hired some professionals to manage them, it is very important that you are familiar with some basic concepts.<\/p>\n<\/div>\n<\/div>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>You may be interested in our entry\u200b: \u200b<a href=\"https:\/\/quadranslawandfinance.com\/en\/blog\/glossary-for-accounting-procedures\/\">Basic glossary to understand accounting procedures\u200b.<\/a><\/p>\n<p>Responsibilities may vary depending on the size of the company. Throughout this entry, we will introduce you to the accounting terms you should know.<\/p>\n<p>At QuAdrans, we offer the accounting service through which our certified accountants provide you with advice. To guide you and help you make the most effective and responsible financial decisions is one of our main aims. You can learn more about this service by clicking <a href=\"https:\/\/quadranslawandfinance.com\/en\/accounting\/\">here\u200b.<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-11821 \" src=\"https:\/\/quadranslawandfinance.com\/wp-content\/uploads\/2020\/04\/terminos-contables.jpg\" alt=\"T\u00e9rminos contables\" width=\"473\" height=\"316\" srcset=\"https:\/\/quadranslawandfinance.com\/wp-content\/uploads\/2020\/04\/terminos-contables.jpg 1000w, https:\/\/quadranslawandfinance.com\/wp-content\/uploads\/2020\/04\/terminos-contables-300x200.jpg 300w, https:\/\/quadranslawandfinance.com\/wp-content\/uploads\/2020\/04\/terminos-contables-768x512.jpg 768w\" sizes=\"auto, (max-width: 473px) 100vw, 473px\" \/><\/p>\n<h3><strong>Fundamental accounting terms\u200b:<\/strong><\/h3>\n<ul>\n<li>\u00a0<strong>Asset\u200b:<\/strong> A set of properties and rights that a company owns. These may be either tangible or intangible (e.g. patents).<\/li>\n<li><strong>Liability\u200b:<\/strong> Refers to a company\u2019s debts or obligations.<\/li>\n<li><strong>Income\u200b:<\/strong> Represents an increase in a company\u2019s shareholders\u2019 equity, which does not result from any capital injection by the owners or shareholders.<\/li>\n<li><strong>Expenditure\u200b:<\/strong> On the contrary, expenditures represent a loss of capital.<\/li>\n<li><strong>Balance sheet\u200b:<\/strong> It is a financial statement that reports a company\u2019s complete activity in relation to assets, liabilities, and shareholders\u2019 equity at a specific point in time.<\/li>\n<li><strong>Working capital\u200b:<\/strong> Shows the financial health of the company.<\/li>\n<li><strong>Amortization\u200b:<\/strong> Refers to a loss in the value of a company\u2019s intangible assets. Reserve funds are therefore necessary to recover the initial investment and make up for the loss.<\/li>\n<li><strong>Petty cash\u200b:<\/strong> Petty cash may become one of the most familiar accounting terms. It is a small amount of cash kept on hand to pay for minor expenses.<\/li>\n<\/ul>\n<p>You may be interested in our entry\u200b: <a href=\"https:\/\/quadranslawandfinance.com\/en\/blog\/importance-of-account-books-for-firms\/\">Importance of ledgers for companies\u200b.<\/a><\/p>\n<p>These are only some of the common accounting terms. The more you explore accounting terminology, the more familiar you will be with your company\u2019s accounts.<\/p>\n<p>We recommend that you seek the guidance of professionals whose expertise in the field will allow them to manage your company\u2019s accounts. Contact us for more information.<\/p>\n<p style=\"text-align: center;\"><strong>Accounting Firm in Playa del Carmen<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Responsibilities may vary depending on the size of the company. Throughout this entry, we will introduce you to the accounting terms you should know.<\/p>\n","protected":false},"author":4,"featured_media":11824,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-11827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accountant"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Accounting terms you should know - QuAdrans law and finance<\/title>\n<meta name=\"description\" content=\"Responsibilities may vary depending on the size of the company. 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