Learning Accounting Terms

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Some accounting terms include assets, which are anything that a business owns; and liabilities, which include things like debts and bills. Learn more accounting terms, such as income statements and balance sheets, with information from an accounting professor in this free video on accounting terms.

Part of the Video Series: Accounting Careers & Information
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Video Transcript

Hi my name is Shawn Jones and I'm a professor here at Argosy University. Today we are talking about some simple but yet basic accounting terms that are used within the business world and the function and accounting process. Some of those include balance sheets, income statements, statement of cash flows, assets, liabilities, owner's equity, income and expenses. To explain just a few of these terms let me just select a few. First would be assets. These are things such as property, plants, equipment, cash, inventory that a business owns. They are recorded on the company's balance sheet. Next would be liabilities. These are things that are items that a business, these items are recorded in the liability section of the balance sheet and may include things like debt, both short term and long term, bills that need to be paid within a certain amount of time, and owner's equity is simply what the owner has invested within the company. It might be stock or money that they have put into or money that they have earned, retained earnings basically over a given amount of time or years that a business has been in operation. For more information about this topic please visit our website at argosy.edu. There you can find our phone number or our address to come and visit our Salt Lake City campus.

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