Accounting Terms – American vs British Accounting Words

Arjun EP

Published on: December 12, 2020

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American Accounting Words

British conolisation introduced English language in America in the early 17^th century.

Over the past 400 years, America has its own English in the United State; it is known as American English.

There are many American English words which have different pronunciation than British English.

There are some American English words which have different spelling than British English.

British Accounting Words

The British has ruled many years in many countries in the world.

During those ruling period, the British used English language as official language wherever they ruled.

This is the one reason why British English is spoken more countries than American English.

Here are given top 50 accounting words which have different spelling and pronunciation between British English and American English but their meaning is same in accounting terminology.

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Click on link for YouTube videos:
Accounting Equation	http://tiny.cc/c89jkz
Basic Journal Entries in Nepali	http://tiny.cc/uaakkz
Basic Journal Entries	http://tiny.cc/8aakkz
Journal Entry and Ledger	http://tiny.cc/caakkz
Ledger	http://tiny.cc/haakkz
Subsidiary Book	http://tiny.cc/399jkz
Cash Book	http://tiny.cc/889jkz
Trial Balance & Adjusted Trial Balance	http://tiny.cc/c59jkz
Bank Reconciliation Statement (BRS)	http://tiny.cc/q59jkz
Depreciation	http://tiny.cc/ugakkz
Final Account: Class 11	http://tiny.cc/y89jkz
Adjustment In Final Account	http://tiny.cc/keakkz
Capital and Revenue	http://tiny.cc/peakkz
Single Entry System	http://tiny.cc/n19jkz
Non-Profit Organization (Non-Trading Concern)	http://tiny.cc/j09jkz
Government Accounting	http://tiny.cc/hcakkz
Goswara Voucher (Journal Voucher)	http://tiny.cc/hcakkz

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American vs British Accounting Words

American Accounting Words	British Accounting Words
Account payable	Bills payable, trade creditor, supplier
Account receivable	Bills receivable, trade debtor, customer
Accrual	Provision
Additional paid-up capital	Share premium account
Advance	Prepaid
Allowance for doubtful accounts	Provision for bad debts
Allowance for uncollectible	Provision for bad debts

Bonds	Debentures
Book value	Net asset value
Bylaws	Articles of Association

Capital lease	Finance lease
Common stock	Equity shares, ordinary shares
Corporation	Company
Credit memo	Credit note

Ending inventory	Closing stock

Financial statements	Accounts
Fiscal period	Accounting period
Fiscal year	Financial year

Gross income	Gross profit

Income (earnings)	Profits
Income statement	Profit and loss account
Inventory	Stock, business goods
Issued	Allotted

Lease purchase	Hire purchase
Leverage	Gearing
Long-term debt	Long-term loan, loan capital
Long-term investment	Fixed assets investment

Merchandise	Goods, business goods

Net income	Net profit
Notes payable	Bills payable
Notes receivable	Bills receivable

Owner’s equity	Capital

Payable	Outstanding, due, unpaid
Par value	Nominal value
Preferred stocks	Preference shares
Property, plant and equipment	Fixed tangible assets
Purchase on account	Purchase on credit
Purchase method	Acquisition accounting

Real estate	Premises
Receivables	Debtors
Retained earnings	Profit and loss appropriation account
Revenues (sales)	Turnover (sales)

Shares outstanding	Issued shares, shares issued
Stockholder’s equity	Reserves, shareholder’s equity
Statement of financial position	Balance sheet
Stock	Shares
Stock dividend	Bonus share
Stockholders	Shareholders

Tax depreciation	Capital allowance

Uncollectible	Bad debts

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Click on link for YouTube videos
Share (Accounting for Share)	http://tiny.cc/889jkz
Share in Nepali	http://tiny.cc/k99jkz
Debentures	http://tiny.cc/yeakkz
Final Account: Class 12	http://tiny.cc/e89jkz
Final Account in Nepali	http://tiny.cc/w89jkz
Work Sheet	http://tiny.cc/579jkz
Ratio Analysis (Accounting Ratio)	http://tiny.cc/4fakkz
Fund Flow Statement	http://tiny.cc/wiakkz
Cash Flow Statement	http://tiny.cc/8gakkz
Theory Accounting Xii	http://tiny.cc/nfakkz
Theory: Cost Accounting	http://tiny.cc/tfakkz
Cost Accounting	http://tiny.cc/p29jkz
LIFO−FIFO	http://tiny.cc/dgakkz
Cost Sheet, Unit Costing	http://tiny.cc/w49jkz
Cost Reconciliation Statement	http://tiny.cc/829jkz