20 Basic Accounting Terms, Acronyms and Abbreviations Students Should Know


No matter what career you are pursuing, you will need to learn the lingo used in your field or industry. All industries have their own unique blend of terms, acronyms and abbreviations.

If you want to fully understand the industry and your organization in order to do your job effectively, it’s imperative you understand this language from the start.

“Accounting is the language of business. Knowing the language is critical for success in any corporate function because the information is communicated using these terms,” says Kari Grittner, MBA, CPA and Rasmussen College accounting instructor. This is especially true for anyone looking to work in the accounting field.

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