Business Finance Terms, Explained Simply.
Learn more about common financial terms here.
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Accounting transforms raw financial records into the information that runs a business: performance, position, and trends that bookkeeping alone cannot....
ASPE is the CRA-recognized accounting framework that governs how private Canadian corporations measure, record, and present their financial results. Every....
Accounts payable is the total a business currently owes to suppliers and vendors for goods or services already received but....
Accounts receivable is the total customers owe for work already completed or products already delivered. Essentially, it is revenue earned....
The balance sheet is the financial statement that shows what a business owns, what it owes, and what is left....
Bookkeeping is the disciplined, ongoing recording of every financial transaction in a business. It is the foundation that accurate reporting,....
The cash flow statement tracks how cash actually moved in and out of a business during a period and explains....
Cash accounting records transactions when money changes hands; accrual accounting records them when they are earned or incurred, and the....
Catch-up bookkeeping is the process of reconstructing and bringing financial records fully up to date after they have fallen significantly....
A chart of accounts is the structured classification system that organizes every transaction a business records and determines whether financial....