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20 Basic Accounting Terms List helpful for preparation of PPSC
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Jobs Info (1975) 1. Accounts Receivable – AR

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Definition: The amount of money owed by your customers after goods or services have been delivered and/or used.
See how it works here.
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Lecturers (43)
2. Accounting – ACCG
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Definition: A systematic way of recording and reporting financial transactions. Graduates through NTS
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3. Accounts Payable – AP JOBS in Pakistan Jobs in WAPDA
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Definition: The amount of money you owe creditors (suppliers, etc.) in return for good and/or services they have
different subjects. Candidates are required t...
OTS Jobs (6) delivered. See how it works here.
4. Assets (Fixed and Current) – FA and CA
PPSC Jobs (148) 450 + Jobs in Pakistan Airport
Security Forces Jobs ASF Jobs
Private Jobs (170) Definition: Current assets are those that will be used within one year. Typically this could be cash, inventory or 2016
accounts receivable. Fixed assets (non current) are more long-term and will likely provide benefits to a company for Airport Security Forces Jobs in
Results (7) Pakistan Career opportunity of
more than one year, such as a building, land or machinery. Jobs in Pakistan in ASF Jobs for
5. Balance Sheet – BS different vacant posts. Candidates can...
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Scholarships (71) Definition: A financial report that summarizes a company's assets (what it owns), liabilities (what it owes) and 600 IB Jobs in Pakistan Federal
owner’s equity at a given time. Government Intelligence
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6. Capital – CAP
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Definition: A financial asset and its value, such as cash or goods. Working capital is calculated by taking your current Government Pakistan Jobs 2016
Teaching (766) assets subtracted from current liabilities. New Government Jobs in Pakistan Federal
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7. Cash Flow – CF
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400+ Primary School Educators
US Jobs (2) Definition: The revenue or expense expected to be generated through business activities (sales, manufacturing, etc.)
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over a period of time. Having a positive cash flow is essential in order for businesses to survive in the long run. in All Districts
8. Certified Public Accountant – CPA Primary School Teachers Jobs in
MCQS Balochistan Career opportunity
Definition: A designation given to someone who has passed a standardized CPA exam and met government-

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3/18/2019 20 Basic Accounting Terms List for Preparation of PPSC, FPSC & NTS Tests ~ Government Jobs & Private Jobs in Pakistan 2018
accounting mandated work experience and educational requirements to become a CPA. odf Teaching Jobs in Pakistan for Teachers Jobs
in Balochistan . Candida...
9. Cost of Goods Sold – COGS
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Definition: The direct expense related to producing the goods sold by a company. This may include the cost of the 471 Inspector Inland Revenue
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raw materials (parts) and amount of employee labor used in production. Public Service Commission
Audit MCQs 10. Credit – CR Jobs in Pakistan 2016
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Definition: An accounting entry that may either decrease assets or increase liabilities and equity on the company's
Inland Revenue Career opportunity of Latest
Botany balance sheet,
sheet, depending on the transaction. When using the double-entry accounting methodthere will be two jobs in Board of Revenue jobs in Pakistan. ...
recorded entries for every transaction: a credit and a debit.
chemistry 11. Debit – DR
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commerce
Definition: An accounting entry where there is either an increase in assets or a decrease in liabilities on a company's
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computer balance sheet.
sheet.
12. Expenses (Fixed, Variable, Accrued, Operation) – FE, VE, AE, OE cover Letter (3)
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Definition: The fixed, variable, accrued or day-to-day costs that a business may incur through its operations.
current Affairs
Examples of expenses include payments to banks, suppliers, employees or equipment.
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Economics 13. Generally Accepted Accounting Principles – GAAP
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education Definition: A set of rules and guidelines developed by the accounting industry for companies to follow when reporting
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financial data. Following these rules is especially critical for all publicly traded companies.
Educators
14. General Ledger – GL Resume (3)
English
Definition: A complete record of the financial transactions over the life of a company.
Everyday science
15. Liabilities (Current and Long-Term) – CL and LTL LIFE STYLE
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Definition: A company's debts or financial obligations it incurred during business operations.
operations. Current liabilities are
geography those debts that are payable within a year, such as a debt to suppliers. Long-term liabilities are typically payable over health (7)
a period of time greater than one year. An example of a long-term liability would be a bank loan.
loan.
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16. Net Income – NI

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Definition: A company's total earnings, also called net profit or the “bottom line.” Net income is calculated by
Islamiyat subtracting totally expenses from total revenues. Technology (5)
17. Owner's Equity – OE
Journalism

math Definition: An owner’s equity is typically explained in terms of the percentage amount of stock a person has
ownership interest in the company. The owners of the stock are commonly referred to as the shareholders.
MCQS 18. Present Value – PV

NCLEX
Definition: The value of how much a future sum of money is worth today. Present value helps us understand how
past papers receiving $100 now is worth more than receiving $100 a year from now. See an example of the time value of money
here.
pedagogy 19. Profit and Loss Statement – P&L

physics
Definition: A financial statement that is used to summarize a company’s performance and financial position by
PMS reviewing revenues, costs and expenses during a specific period of time; such a quarterly or annually.
20. Return on Investment – ROI
political
Definition: A measure used to evaluate the financial performance relative to the amount of money that was invested.
psychology
The ROI is calculated by dividing the net profit by the cost of the investment. The result is often expressed as a
Sample Paper percentage. See an example here.

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