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Accounting Glossary

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This glossary defines accounting terminology used in bookkeeping, financial reporting, audit, tax, and internal control documentation.

Coverage includes core accounting concepts, chart-of-accounts language, financial statement items, audit and assurance terms, tax and payroll vocabulary, closing processes, controls, and common reporting metrics.

For accountants, auditors, bookkeepers, controllers, finance staff, students, and readers interpreting accounting reports and workpapers.

Term of the Day
Bond analysis
Accounting term: Bond analysis.
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Consolidation testing
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Accounting term: Consolidation testing.
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Consolidated financial statements Consolidated financial statements Consolidated financial statements Consolidated financial statements Consolidated financial statements
Consolidation treatment
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Accounting standard or authoritative guidance: Consolidation treatment.
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Consolidated financial statements Consolidated financial statements Consolidated financial statements Consolidated financial statements Consolidated financial statements
Consolidation variance
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Accounting term: Consolidation variance.
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Consolidated financial statements Consolidated financial statements Consolidated financial statements Consolidated financial statements Consolidated financial statements
Consolidation workpaper
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Accounting term: Consolidation workpaper.
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Consolidated financial statements Consolidated financial statements Consolidated financial statements Consolidated financial statements Consolidated financial statements
Consolidation worksheet
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Accounting term: Consolidation worksheet.
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Consolidated financial statements Consolidated financial statements Consolidated financial statements Consolidated financial statements Consolidated financial statements
Contingent asset
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Accounting term: Contingent asset.
Related
Contingent liability Contingent liability CCA (capital cost allowance) CPA Canada CPA Handbook
Contingent liability
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Accounting term: Contingent liability.
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Contingent asset CCA (capital cost allowance) CPA Canada CPA Handbook CRA (Canada Revenue Agency)
Contingent liability
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Acronym: N/A
A potential obligation that may arise depending on the outcome of a future event.
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Capitalization Capitalization (of Costs) Component Depreciation Conservatism Principle Consolidation
Contra Account
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Acronym: N/A
An account that reduces the balance of another associated primary account.
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Contract Asset/Liability Capitalization Capitalization (of Costs) Component Depreciation Conservatism Principle
Contract Asset/Liability
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Acronym: N/A
Arises under ASC 606/IFRS 15 when there's a timing difference between satisfying a performance obligation and the customer's payment.
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Contra Account Capitalization Capitalization (of Costs) Component Depreciation Conservatism Principle
Contract asset
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Accounting term: Contract asset.
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Contra Account Contract Asset/Liability Contract liability Contribution margin Control (accounting)
Contract liability
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Accounting term: Contract liability.
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Contra Account Contract Asset/Liability Contract asset Contribution margin Control (accounting)
Contribution margin
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Accounting term: Contribution margin.
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Contra Account Contract Asset/Liability Contract asset Contract liability Control (accounting)
Control (accounting)
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Accounting term: Control (accounting).
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Contra Account Contract Asset/Liability Contract asset Contract liability Contribution margin
Control activity
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Internal control concept: Control activity.
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Contra Account Contract Asset/Liability Contract asset Contract liability Contribution margin
Control deficiency
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Accounting term: Control deficiency.
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Contra Account Contract Asset/Liability Contract asset Contract liability Contribution margin
Control environment
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Internal control concept: Control environment.
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Contra Account Contract Asset/Liability Contract asset Contract liability Contribution margin
Control risk
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Accounting term: Control risk.
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Contra Account Contract Asset/Liability Contract asset Contract liability Contribution margin
Controller
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Accounting/finance role: Controller.
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Contra Account Contract Asset/Liability Contract asset Contract liability Contribution margin
Conversion cost
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Accounting term: Conversion cost.
Related
Convertible accounting Convertible classification Convertible debenture Convertible disclosure Convertible measurement
Convertible accounting
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Accounting term: Convertible accounting.
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Conversion cost Convertible classification Convertible debenture Convertible disclosure Convertible measurement
Convertible classification
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Accounting term: Convertible classification.
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Conversion cost Convertible accounting Convertible debenture Convertible disclosure Convertible measurement
Convertible debenture
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Accounting term: Convertible debenture.
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Conversion cost Convertible accounting Convertible classification Convertible disclosure Convertible measurement
Convertible disclosure
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Accounting term: Convertible disclosure.
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Conversion cost Convertible accounting Convertible classification Convertible debenture Convertible measurement
Convertible measurement
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Accounting term: Convertible measurement.
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Conversion cost Convertible accounting Convertible classification Convertible debenture Convertible disclosure
Convertible valuation
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Accounting term: Convertible valuation.
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Conversion cost Convertible accounting Convertible classification Convertible debenture Convertible disclosure
Cook the books
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Practitioner slang or shorthand used in accounting: Cook the books.
Related
CCA (capital cost allowance) CPA Canada CPA Handbook CRA (Canada Revenue Agency) CSA (Canada)
Cookie jar reserves
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Accounting term: Cookie jar reserves.
Related
CCA (capital cost allowance) CPA Canada CPA Handbook CRA (Canada Revenue Agency) CSA (Canada)
Corporate tax
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Accounting term: Corporate tax.
Related
CCA (capital cost allowance) CPA Canada CPA Handbook CRA (Canada Revenue Agency) CSA (Canada)
Corrective control
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Internal control concept: Corrective control.
Related
CCA (capital cost allowance) CPA Canada CPA Handbook CRA (Canada Revenue Agency) CSA (Canada)
Cost Accounting analyst
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Accounting/finance role: Cost Accounting analyst.
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Cost Accounting associate Cost Accounting coordinator Cost Accounting lead Cost Accounting manager Cost Accounting specialist
Cost Accounting associate
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Accounting/finance role: Cost Accounting associate.
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Cost Accounting analyst Cost Accounting coordinator Cost Accounting lead Cost Accounting manager Cost Accounting specialist
Cost Accounting coordinator
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Accounting/finance role: Cost Accounting coordinator.
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Cost Accounting analyst Cost Accounting associate Cost Accounting lead Cost Accounting manager Cost Accounting specialist
Cost Accounting lead
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Accounting/finance role: Cost Accounting lead.
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Cost Accounting analyst Cost Accounting associate Cost Accounting coordinator Cost Accounting manager Cost Accounting specialist
Cost Accounting manager
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Accounting/finance role: Cost Accounting manager.
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Cost Accounting analyst Cost Accounting associate Cost Accounting coordinator Cost Accounting lead Cost Accounting specialist
Cost Accounting specialist
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Accounting/finance role: Cost Accounting specialist.
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Cost Accounting analyst Cost Accounting associate Cost Accounting coordinator Cost Accounting lead Cost Accounting manager
Cost accountant
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Accounting/finance role: Cost accountant.
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Cost Accounting analyst Cost Accounting associate Cost Accounting coordinator Cost Accounting lead Cost Accounting manager
Cost approach
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Accounting term: Cost approach.
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Cost Accounting analyst Cost Accounting associate Cost Accounting coordinator Cost Accounting lead Cost Accounting manager
Cost center
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Accounting term: Cost center.
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Cost Accounting analyst Cost Accounting associate Cost Accounting coordinator Cost Accounting lead Cost Accounting manager
Cost driver
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Accounting term: Cost driver.
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Cost Accounting analyst Cost Accounting associate Cost Accounting coordinator Cost Accounting lead Cost Accounting manager
Cost of Goods Sold
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Acronym: COGS
The direct costs attributable to the production of goods sold by a company during a period.
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Cost Accounting analyst Cost Accounting associate Cost Accounting coordinator Cost Accounting lead Cost Accounting manager
Cost of Goods Sold
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Acronym: COGS
The direct costs attributable to the production of the goods sold by a company.
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Cost Accounting analyst Cost Accounting associate Cost Accounting coordinator Cost Accounting lead Cost Accounting manager
Cost of Goods Sold
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Acronym: COGS
The direct costs associated with producing the goods that a company sells during a specific period.
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Cost Accounting analyst Cost Accounting associate Cost Accounting coordinator Cost Accounting lead Cost Accounting manager
Cost of capital
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Accounting term: Cost of capital.
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Cost Accounting analyst Cost Accounting associate Cost Accounting coordinator Cost Accounting lead Cost Accounting manager
Cost of capital
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Acronym: WACC (often used as a proxy)
The rate of return that a company must earn on an investment to maintain its market value and satisfy its investors.
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Cost Accounting analyst Cost Accounting associate Cost Accounting coordinator Cost Accounting lead Cost Accounting manager
Cost of goods sold (COGS)
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Accounting term: Cost of goods sold (COGS).
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Cost Accounting analyst Cost Accounting associate Cost Accounting coordinator Cost Accounting lead Cost Accounting manager
Cost principle
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Accounting term: Cost principle.
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Cost Accounting analyst Cost Accounting associate Cost Accounting coordinator Cost Accounting lead Cost Accounting manager
Cost-volume-profit (CVP)
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Accounting term: Cost-volume-profit (CVP).
Related
CCA (capital cost allowance) CPA Canada CPA Handbook CRA (Canada Revenue Agency) CSA (Canada)
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