Basic Accounting Terms Every Student Should Know

Accounting can be confusing if you don’t know the key terms. Here are some basic accounting words every student must understand:

• Assets: Things owned by a business like cash, buildings, or equipment.

• Liabilities: Money the business owes to others, such as loans or bills.

• Equity: Owner’s share or interest in the business.

• Revenue: Income earned from selling goods or services.

• Expenses: Costs spent to run the business, like rent and salaries.

• Debit and Credit: The two sides of every transaction in accounting.

• Balance Sheet: A report showing assets, liabilities, and equity at a point in time.

• Profit and Loss Statement: Shows how much money was earned or lost over a period.

Learning these terms will help you understand accounting more easily and score better in your homework!

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