It’s true, it can often seem like accountants have their own language. Communicate with your accountant and finance department like a pro with our Top 40 List Accounting Acronyms List.
1. A&A — Audit and Assurance
2. AR — Accounts Receivable
3. ASU — Accounting Standards Update
4. AP — Accounts Payable
5. ASB — Auditing Standards Board
6. Big 4 — Traditionally, the four largest CPA firms in the world: PwC, Deloitte, EY, and KPMG
7. BV — Business Valuation
8. CPA — Certified Public Accountant
9. CAQ — Center for Audit Quality
10. CFO — Chief Financial Officer
11. COO — Chief Operating Officer
12. COGS — Cost of Goods Sold
13. C2B — Consumer—to—business
14. CPU — Cost per Unit
15. CR — Credit
16. DR — Debit
17. ERP — Enterprise Resource Planning
18. FASB — Financial Accounting Standards Board
19. FinREC — Financial Reporting Executive Committee
20. GL — General Ledger
21. GAAP — Generally Accepted Accounting Principles
22. GAAS — Generally Accepted Auditing Standards
23. GP — Gross Profit
24. IPO — Initial Public Offering
25. IASB — International Accounting Standards Board
26. IFRS — International Financial Reporting Standards
27. LOR — Letters of Response — Peer Review
28. LLC — Limited Liability Company
29. PAT — Profit After Tax
30. PBT — Profit Before Tax
31. PR — Purchase Requisition
32. PCC — Private Company Council
33. PRB — Peer Review Board
34. P&L — Profit and Loss Statement
35. PCAOB — Public Company Accounting Oversight Board
36. PA — Public Accountant
38. SEC — Securities and Exchange Commission
39. SOX — Sarbanes—Oxley
40. VAT — Value—Added Tax
