Top 10 important words and phrases for Systems Accountant

Top 10 important words and phrases for Systems Accountant 1. General Ledger The central repository of all financial transactions within an organization. It provides a comprehensive overview of the company's financial health. 2. Chart of Accounts A structured list of all the accounts used by an organization. It categorizes and organizes financial transactions, making it easier to track and analyze. 3. Accrual Accounting A method of accounting that records revenues and expenses when they are earned or incurred, regardless of when the cash is received or paid. 4. Depreciation The systematic allocation of the cost of an asset over its useful life. It recognizes the wear and tear and reduces the asset's value accordingly. 5. Cash Flow Statement