What is reconciliation in accounting terms?

Answer Reconciling an account is the same as balancing your checkbook. It means that you are using a period end statement with a beginning and ending balance, and matching it against your own numbers.Def... Read More »

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What is goodwill in accounting terms?

In accounting terms, goodwill is an intangible asset with no physical existence. Goodwill is listed as an asset on the balance sheet. It must be tested for loss in value annually.DefinitionGoodwill... Read More »

What Is Coding in Accounting Terms?

Coding in accounting is the process of assigning numbers or letters to data to create a fast-search database. Accounting codes are not universal as every accountant, accounting firm, institution or... Read More »

What does a/p stand for in accounting terms?

According to, the accounting term AP stands for accounts payable. Simply put, accounts payable are debts due. Accounts payable are classified as current liabilities on a balance sheet... Read More »

In Accounting Terms, What Is the Principle of Consistency?

In accounting, principles and guidelines of bookkeeping are set by GAAP, Generally Accepted Accounting Principles. These principles and guidelines set up for businesses are in place for many reason... Read More »