If you want to become a successful accountant or understand your accountant better, then it’s absolutely essential that you fully understand the concepts of accountancy terminology. It can sometimes be difficult to grasp, and if you don’t know what all the abbreviations stand for then you are at a severe disadvantage when it comes to understanding this field. If you want to be called upon to appear before an accountancy committee, or if you want to write a report about some aspect of an account, then it’s essential that you understand these concepts. Don’t let the jargon scare you.
If you feel that you truly need to understand the lingo then perhaps consider reading a book on the subject to teach you. There are lots of excellent books out there, and they cover a wide array of the most common accounting terminology. There is also a wealth of information online that can explain the differences between ‘payables and receivables’ for example. This is because this is the jargon used to describe financial transactions and can make the whole process sound extremely technical. Seek advice from Accountants Chippenham, go to Chippendale and Clark
Alternatively, if you’re feeling a little bit adventurous you could always just Google the term and search for videos and articles relating to it. There are numerous videos out there explaining the basics and in the longer videos you’ll often find explanations of the more difficult terms.