Accounting terms for dummies, student, bookkeeper, accountant or any business person who need to understand the definitions in order to perform his or her functions in the business world. Often, many bookkeeping terms or accounting terminology have distinctly different meanings, depending upon the context in which the terms are used. The accounting definition or terminology listed here are based from all areas within accounting including financial accounting, managerial and cost accounting, auditing, financial statement analysis, and taxes. What is accounting principles or modern definition of accounting? Hope our list of accounting terms can be a good reference for anyone involved with accounting and bookkeeping.