Accounting glossary
Accounting glossary
A practical reference covering key accounting and financial terms with clear and concise definitions.
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890 terms in the glossary
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Top 20 accounting terms searched by Saudi business owners — short, direct definitions.
ZATCA (Zakat, Tax and Customs Authority)The Zakat, Tax and Customs Authority (ZATCA) is the Saudi government body responsible for collecting zakat, taxes, and customs duties, and for regulating activities related to them.Real Estate Transaction TaxA 5% tax imposed on selling and transferring real estate ownership in Saudi Arabia.Zakat on WealthZakat on wealth is the Sharia-mandated annual obligation of 2.5% on liquid wealth (cash, gold, silver, business inventory, receivables) held by a Muslim above the nisab threshold for a complete lunar year (hawl),…Value-Added Tax (VAT)Value-added tax (VAT) is an indirect tax charged on the value added at each stage of producing a good or delivering a service.Going Concern PrincipleAn accounting assumption that the business will continue operating in the foreseeable future.Prepaid ExpensesAmounts paid in advance for services or benefits consumed later.CapitalTotal funds injected by owners or shareholders to finance operations.Return on Investment (ROI)Return on investment (ROI) is a universal financial metric that measures how efficient or profitable an investment is by comparing the gain to its cost.EBIT (Earnings Before Interest and Taxes)Earnings before interest and taxes, reflecting operating profit.EBITDA (Earnings Before Interest, Taxes, Depreciation & Amortization)Earnings before interest, taxes, depreciation, and amortization.Periodic InventoryPeriodic Inventory refers to the accounting and financial concept that companies in Saudi Arabia and globally apply when handling related transactions, reporting, or analysis.Construction AccountingAccounting specialization for long-term projects and revenue recognition.Islamic SukukSharia-compliant certificates representing proportional ownership in assets.General JournalThe general journal is the first record in any accounting system. Every financial transaction is logged here in chronological order, immediately after it occurs.Capital Expenditures (CapEx)Capital expenditures (CapEx) are amounts a business spends on acquiring, improving, or expanding long-term assets — buildings, equipment, machinery, and IT systems.Closing Entries ProcedureThe closing entries procedure is the year-end accounting routine that zeros out all temporary accounts (revenues, expenses, gains, losses, dividends) and transfers the net result to retained earnings, completing the…Adjusting EntriesEntries made at period end to match revenues and expenses to the correct period.Long-Term InvestmentAllocating funds to assets for more than one year for future return.Payroll AccountingPayroll accounting is the process of recording all expenses and liabilities related to employee compensation, including basic salary, allowances, GOSI contributions, taxes (where applicable), and end-of-service…Credit NoteA document issued by a seller to reduce a previous invoice value.
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ABC Inventory AnalysisAbsorption CostingAccelerated DepreciationAccount AuditAccountantAccountingAccounting BooksAccounting CycleAccounting DimensionsAccounting EntriesAccounting EntryAccounting ERP SystemAccounting EstimateAccounting EstimatesAccounting PeriodAccounting Period PrincipleAccounting PoliciesAccounting PolicyAccounting PrinciplesAccounting Procedures
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