Accounting Terms And Definitions
Accounting Terms And Definitions
Below is a glossary of tax preparation terms commonly used by accountants, enrolled agents (EAs), certified public accountants (CPAs), tax preparers, and finance professionals.
A
Absorption Costing
A costing method that assigns both fixed and variable manufacturing costs to products.
Account
A record used to classify, summarize, and track financial transactions.
Account Balance
The difference between total debits and total credits recorded in an account.
Account Reconciliation
The process of comparing accounting records with supporting documents to identify and resolve differences.
Accounting Cycle
The sequence of identifying, recording, adjusting, summarizing, and reporting financial transactions.
Accounting Equation
The fundamental accounting formula: Assets = Liabilities + Equity.
Accounting Period
The time period covered by financial reports, such as a month, quarter, or fiscal year.
Accounting Principles
Fundamental rules and concepts governing financial reporting and accounting practices.
Accounts Payable (AP)
Amounts owed by a business to suppliers or vendors for goods or services purchased on credit.
Accounts Receivable (AR)
Amounts owed to a business by customers for goods or services provided on credit.
Accrual Accounting
Accounting method that records revenue when earned and expenses when incurred, regardless of cash movement.
Accrued Expense
Expense incurred but not yet paid or recorded.
Accrued Liability
An obligation recognized before payment is made.
Accrued Revenue
Revenue earned but not yet billed or collected.
Activity-Based Costing (ABC)
A costing method that assigns overhead costs based on activities that drive costs.
Adjusted Gross Income (AGI)
Gross income reduced by allowable adjustments used to determine eligibility for certain deductions and credits.
Adjusting Entry
Accounting entry made at the end of an accounting period to update account balances.
Administrative Controls
Policies and procedures designed to guide operations and reduce risk.
Aging Report
Report that categorizes accounts receivable based on how long balances have remained unpaid.
Allowance for Doubtful Accounts
Estimated amount of accounts receivable expected to become uncollectible.
Alternative Minimum Tax (AMT)
A separate tax calculation designed to ensure certain taxpayers pay a minimum level of tax.
Amended Return
A corrected tax return filed after the original return has been submitted.
Amortization
Allocation of the cost of an intangible asset over its useful life.
Annual Report
Comprehensive report describing a company's financial performance and activities during a fiscal year.
Asset
Resource owned or controlled by a business that provides future economic benefit.
Asset Management
Asset management is the process of managing, monitoring, maintaining, and optimizing assets to achieve financial, operational, or investment goals. In finance, asset management typically refers to managing investments such as stocks, bonds, real estate, and other financial assets on behalf of individuals, businesses, or institutions.
Asset Turnover Ratio
Ratio measuring how efficiently assets generate revenue.
Audit
Examination of financial records, tax returns, or internal processes for accuracy and compliance.
Audit Evidence
Information used by auditors to support conclusions and opinions.
Audit Trail
Documentation showing the history and source of financial transactions.
Authorized E-File Provider
Tax professional or organization approved to electronically transmit tax returns.
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B
Bad Debt Expense
Expense recognized when accounts receivable are estimated to be uncollectible.
Balance Sheet
Financial statement reporting assets, liabilities, and equity at a specific point in time.
Bank Reconciliation
Process of comparing company accounting records with bank statements.
Basis
Value assigned to an asset for determining depreciation, gain, loss, or tax treatment.
Book Value
Recorded value of an asset after accumulated depreciation or amortization.
Book-to-Tax Difference
Difference between accounting income reported on financial statements and taxable income reported for tax purposes.
Break-Even Point
Level of sales where total revenue equals total costs.
Budget
Financial plan estimating expected revenues, expenses, and cash flows.
Business Expense
Ordinary and necessary cost incurred in operating a business.
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Capital Asset
Property held for investment, business use, or income-producing purposes.Capital Expenditure (CapEx)
Spending used to acquire, improve, or extend the life of long-term assets.Capital Gain
Profit resulting from selling a capital asset for more than its adjusted basis.Capital Loss
Loss resulting from selling a capital asset for less than its adjusted basis.Capitalization
Recording a cost as an asset instead of immediately recognizing it as an expense.Capital Budget
Plan for major long-term investments and expenditures.Capital Stock
Shares issued by a corporation representing ownership interest.Carryback
Application of certain tax losses or credits to a prior tax year.Carryforward
Application of unused tax losses or credits to future tax years.Carryover Worksheet
Schedule used to track tax attributes transferred from one year to another, such as credits or losses.Cash Basis Accounting
Accounting method recognizing revenue and expenses only when cash is received or paid.Cash Equivalents
Highly liquid investments with short maturities that can quickly convert to cash.Cash Flow
Movement of cash into and out of a business.Cash Flow Statement
Financial statement reporting operating, investing, and financing cash activities.Cash Management
Processes used to monitor, control, and optimize cash resources. 
CFP
A Certified Financial Planner (CFP) is a financial professional who has completed education, examination, experience, and ethical requirements to provide financial planning services. CFP professionals help individuals and families manage their finances, including investments, retirement planning, taxes, insurance, estate planning, and overall financial goals.Chart of Accounts (COA)
Organized list of accounts used to classify financial transactions.Child Tax Credit (CTC)
Tax credit available to eligible taxpayers with qualifying children.Closing Entry
Journal entry used to close temporary accounts at the end of an accounting period.Collection Period
Average time required to collect customer receivables.Comparative Financial Statements
Financial statements presenting information for multiple reporting periods.Compliance Review
Evaluation of whether accounting or tax procedures follow applicable rules and regulations.Conservatism Principle
Accounting principle requiring caution when uncertainty exists.Consistency Principle
Principle requiring consistent use of accounting methods unless a justified change is disclosed.Contribution Margin
Revenue remaining after deducting variable costs.Conversion Cost
Direct labor plus manufacturing overhead.Cost Accounting
Accounting discipline focused on measuring and analyzing costs.Cost Basis
Original asset value adjusted for certain tax events.Cost of Goods Sold (COGS)
Direct costs associated with producing or purchasing goods sold. 
CPA
A Certified Public Accountant (CPA) is a licensed accounting professional who has met education, examination, and experience requirements established by a state or jurisdiction. CPAs provide accounting, auditing, tax, financial reporting, and advisory services to individuals, businesses, and organizations.Credit (Cr.)
Entry recorded on the right side of a double-entry accounting transaction.Credit Terms
Payment conditions established between buyers and sellers.Current Assets
Assets expected to be converted into cash or used within one year.Current Liabilities
Obligations due within one year.Current Ratio
Liquidity ratio calculated as current assets divided by current liabilities.Customer Source Documents
Original records supporting accounting or tax entries, such as receipts, invoices, W-2s, and 1099 forms.________________________________________D
Data Entry Review
Verification that financial and tax information has been entered accurately into accounting or tax software.Data Validation
Process of confirming the accuracy and completeness of information before processing.Debit (Dr.)
Entry recorded on the left side of a double-entry accounting transaction.Debt-to-Equity Ratio
Financial ratio measuring the relationship between total liabilities and shareholders' equity.Debt Ratio
Ratio measuring the percentage of assets financed through debt.Deferred Expense
A cost paid in advance that is recognized as an expense over future periods.Deferred Revenue
Revenue received before goods or services are provided; recorded as a liability until earned.Deferred Tax Asset
Future tax benefit resulting from temporary differences, tax credits, or losses available for future use.Deferred Tax Liability
Future tax obligation created by temporary differences between accounting and tax reporting.Deduction
Amount allowed by tax law that reduces taxable income.Diagnostic Review
Review process used to identify missing information, inconsistencies, errors, or potential compliance issues before filing.Direct Costs
Costs directly attributable to producing goods, providing services, or completing a project.Direct Deposit
Electronic transfer of funds directly into a taxpayer's or employee's bank account.Document Collection
Process of gathering required tax documents and supporting information from clients.Document Management
Organization, storage, and retention of tax and accounting records.Double-Declining Balance Depreciation
Accelerated depreciation method recognizing higher depreciation expense in earlier years.Double-Entry Accounting
Accounting system requiring every transaction to affect at least two accounts.Due Diligence
Required procedures performed by tax professionals to verify taxpayer eligibility for certain deductions, credits, and filing positions.Dependent
Individual who meets requirements to be claimed on another taxpayer's return.Depreciation
Allocation of the cost of a tangible asset over its estimated useful life.________________________________________E
Earnings Before Interest and Taxes (EBIT)
Measure of operating profitability before interest and income taxes.Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
Measure of operating performance excluding interest, taxes, depreciation, and amortization.Earned Income
Income received from employment, wages, salaries, tips, or self-employment activities.Earned Income Tax Credit (EITC)
Refundable tax credit available to qualifying low- and moderate-income workers.EBITDA
EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It is a financial measure used to evaluate a company's operating performance by showing earnings from core business operations before certain non-operating expenses and non-cash expenses are deducted.Electronic Filing (E-File)
Electronic submission of tax returns to federal or state tax authorities.E-Signature Authorization
Electronic authorization allowing taxpayers to approve required tax documents digitally.Engagement Letter
Agreement defining the scope, responsibilities, services, and expectations between a professional and client.Equity
Owner’s residual interest in assets after liabilities are deducted.Estimated Tax Payments
Periodic payments made toward expected annual tax liability.Expense
Cost incurred to generate revenue or operate a business.External Audit
Independent examination of financial statements by an outside auditor.Extension
Additional time allowed to file a tax return; generally does not extend time to pay taxes owed.________________________________________F
Fair Value
Estimated market value at which an asset could be sold or a liability transferred.FIFO (First In, First Out)
Inventory costing method assuming earliest purchased inventory is sold first.Filing Authorization
Approval allowing a tax preparer to submit a return electronically or manually.Filing Deadline
Required date by which a tax return or financial report must be submitted.Filing Status
Tax classification determining applicable tax rates, deductions, and credits.Financial Analysis
Evaluation of financial information to assess performance, profitability, liquidity, and risk.Financial Statements
Financial Statements are formal reports summarizing financial position and performance.Fixed Assets
Long-term tangible assets used in business operations, such as buildings, vehicles, and equipment.Fixed Costs
Costs that remain constant regardless of production or sales volume.Flexible Budget
Budget adjusted to reflect actual levels of activity.Forecast
Estimate of future financial results based on assumptions and historical data.Foreign Tax Credit
Credit allowed for qualifying taxes paid to foreign governments.Form 1099 Series
Tax information forms used to report various types of income and payments.Form W-2
Wage and Tax Statement reporting employee compensation and withholding.Form W-4
Employee withholding certificate used to determine payroll tax withholding.Form Review
Examination of completed tax forms to verify accuracy and completeness.Fraud Risk Assessment
Evaluation of potential risks of intentional misstatement, theft, or manipulation.Fringe Benefits
Non-cash compensation provided to employees that may have tax consequences.Fiscal Year
Twelve-month accounting period selected by an organization for financial reporting.Free Cash Flow
Cash remaining after operating activities and capital expenditures.________________________________________G
General Accounting
Accounting activities involving recording, classifying, analyzing, and reporting financial transactions.General Journal
Chronological record of accounting transactions before posting to the ledger.General Ledger (GL)
Master record containing all financial accounts and transactions.Going Concern
Accounting assumption that a business will continue operating for the foreseeable future.Goodwill
Intangible asset created when an acquired company's purchase price exceeds the fair value of identifiable net assets.Gross Income
Total income before deductions, adjustments, or expenses.Gross Margin
Gross profit expressed as a percentage of revenue.Gross Pay
Employee earnings before deductions and withholding.Gross Profit
Revenue minus cost of goods sold.________________________________________H
Head of Household
Tax filing status available to certain unmarried taxpayers who maintain a qualifying household.Historical Cost Principle
Accounting principle requiring assets to generally be recorded at their original acquisition cost.Historical Records
Prior-year financial and tax information used for preparation, comparison, and planning.Hold File
Status assigned to a tax return or accounting file pending additional information or resolution of issues.Holding Period
Length of time an asset is owned before sale, affecting certain tax treatments.Horizontal Analysis
Financial analysis comparing changes in financial statement items over multiple periods.Human Capital Costs
Costs associated with employees, including wages, benefits, and training.________________________________________I
Identity Protection PIN (IP PIN)
Six-digit number issued by the IRS to eligible taxpayers to help prevent tax-related identity theft.Impairment
Reduction in the recorded value of an asset when its recoverable value declines below its carrying amount.Income Statement
Financial statement showing revenues, expenses, gains, losses, and net income over a specific period. 
Income Tax Preparation
Income tax preparation is the process of gathering financial information, calculating taxable income, completing tax forms, applying deductions and credits, and filing income tax returns with the appropriate tax authorities. Tax preparation may be performed by individuals, tax professionals, accountants, or tax preparation services.Income Tax Withholding
Amount of tax withheld from wages, salaries, pensions, or other payments and remitted to tax authorities.Indirect Costs
Costs that support operations but cannot be directly traced to a specific product, service, or activity.Information Return
Tax form used to report certain payments, income, or transactions to tax authorities and taxpayers.Installment Agreement
Approved payment arrangement allowing taxpayers to pay tax obligations over time.Internal Audit
Independent review of operations, controls, compliance, and financial processes within an organization.Internal Controls
Policies and procedures designed to protect assets, prevent errors and fraud, and ensure reliable reporting.Inventory
Goods held for sale, production, or use in providing services.Inventory Turnover
Ratio measuring how frequently inventory is sold and replaced during a period.Inventory Write-Down
Reduction in inventory value due to damage, obsolescence, or market decline.Investing Activities
Cash flows related to acquiring or selling long-term assets and investments.Invoice
Document issued by a seller requesting payment for goods or services provided.Itemized Deductions
Eligible expenses claimed individually instead of using the standard deduction.________________________________________J
Job Order Costing
Costing method used for unique products, custom projects, or individual jobs.Joint Return
Tax return filed jointly by married taxpayers.Journal Entry
Formal accounting record of a financial transaction.Journal Review
Process of reviewing accounting entries for accuracy, completeness, and proper classification.________________________________________K
K-1 (Schedule K-1)
Tax document reporting a partner’s, shareholder’s, or beneficiary’s share of income, deductions, and credits.Key Performance Indicator (KPI)
Financial or operational measurement used to evaluate business performance.Key Risk Indicator (KRI)
Measurement used to identify and monitor potential risks.Know Your Customer (KYC)
Procedures used to verify customer identity and assess financial risk.________________________________________L
Liability
Financial obligation owed by a business or individual.Like-Kind Exchange
Exchange of qualifying business or investment property that may defer recognition of taxable gain.Liquidity
Ability of an organization to meet short-term financial obligations.Loan Payable
Amount owed under a borrowing agreement.Long-Term Debt
Financial obligations due more than one year after the reporting date.Long-Term Liabilities
Obligations expected to be paid beyond one year.LIFO (Last In, First Out)
Inventory costing method assuming the newest inventory is sold first.Lower of Cost or Market (LCM)
Inventory valuation method requiring inventory to be reported at the lower of historical cost or market value.________________________________________M
Management Accounting
Accounting focused on providing financial information for internal decision-making.Management Representation Letter
Written statement from management confirming information provided to auditors.Marginal Tax Rate
Tax rate applied to the last dollar of taxable income.Material Misstatement
Significant error or omission that could influence financial statement users’ decisions.Materiality
Importance of financial information based on whether it could affect decisions.Medical Expense Deduction
Deduction for qualifying unreimbursed medical expenses exceeding applicable limits.Modified Adjusted Gross Income (MAGI)
Adjusted gross income modified for specific tax calculations.Monthly Close
Accounting process used to finalize financial records at the end of each month.Multi-Step Income Statement
Income statement format separating operating and non-operating activities.________________________________________N
Net Income
Revenue minus expenses; also called profit or earnings.Net Operating Loss (NOL)
Business loss that may offset taxable income in other tax periods.Net Pay
Employee earnings after taxes and other deductions.Net Profit Margin
Percentage of revenue remaining after all expenses are deducted.Nonrefundable Credit
Tax credit limited to reducing tax liability and generally not producing a refund beyond taxes owed.Notes Payable
Formal written obligations requiring repayment of borrowed funds.________________________________________O
Operating Cash Flow
Cash generated from normal business operations.Operating Expense (OpEx)
Costs associated with operating a business, excluding direct production costs.Operating Income
Profit generated from core business activities before interest and taxes.Operating Margin
Operating income expressed as a percentage of revenue.Ordinary Income
Income taxed at standard income tax rates.Ordinary and Necessary Expenses
Business expenses that are common, accepted, helpful, and appropriate for a trade or business.Outstanding Check
Check issued and recorded by a business but not yet cleared by the bank.Overhead
Indirect costs required to operate a business.Overhead Allocation
Assignment of indirect costs to products, services, departments, or projects.________________________________________P
Paid-In Capital
Amount invested by shareholders above the stated value of shares.Pass-Through Entity
Business structure where income passes directly to owners for tax reporting.Payroll
Process of calculating, recording, and paying employee compensation.Payroll Tax
Taxes associated with employee wages, including Social Security, Medicare, and employment taxes.Payroll Tax Withholding
Amounts withheld from employee wages for required taxes.Penalty
Additional amount assessed for failure to comply with tax or regulatory requirements.Period Costs
Expenses recognized during the accounting period in which they are incurred.Perpetual Inventory System
Inventory system that continuously updates inventory records after transactions occur.Petty Cash
Small cash fund maintained for minor business expenses.Physical Safeguards
Controls designed to protect assets from theft, loss, or unauthorized access.Posting
Transfer of journal entries into the general ledger.Preparer Tax Identification Number (PTIN)
Identification number required for paid federal tax return preparers.Prepaid Expense
Payment made before receiving the related goods or services.Prime Cost
Manufacturing cost consisting of direct materials plus direct labor.Process Costing
Costing method used for continuous production of identical products.Profit Margin
Profit expressed as a percentage of revenue.Purchase Order (PO)
Formal authorization document requesting goods or services from a vendor.Qualified Business Income (QBI)
Eligible business income that may qualify for a deduction under applicable tax law.Qualified Dividends
Dividends eligible for preferential tax rates.Quarterly Estimated Taxes
Periodic tax payments made by individuals or businesses with income not subject to sufficient withholding.Quality Control Review
Review process ensuring accounting or tax work meets professional standards.Quick Ratio
Liquidity ratio measuring ability to meet short-term obligations without relying on inventory.Record Retention
Maintaining financial and tax records for required periods.Recordkeeping
Maintaining documentation supporting accounting entries, deductions, credits, and financial reporting.________________________________________Q
Qualified Business Income (QBI)
Eligible business income that may qualify for a deduction under applicable tax rules.Qualified Dividends
Dividends that meet requirements for taxation at preferential rates.Quality Assurance Review
Review process used to verify accuracy, completeness, and compliance of accounting or tax work.Quarterly Estimated Taxes
Periodic tax payments made during the year by taxpayers who do not have enough withholding.Quick Ratio
Liquidity ratio measuring the ability to pay short-term obligations using highly liquid assets.________________________________________R
Record Retention
Maintaining financial, accounting, and tax records for required periods.Recordkeeping
Maintaining documentation supporting financial transactions, deductions, credits, and tax return positions.Reconciliation
Comparing two sets of records to identify and resolve differences.Refund
Amount returned to a taxpayer when payments exceed total tax liability.Refundable Credit
Tax credit that may generate a refund even when the taxpayer has little or no tax liability.Review Notes
Comments or requests made by a reviewer identifying corrections, questions, or items requiring clarification before completion.Remote Deposit Capture (RDC)
Electronic process allowing businesses to deposit checks using scanned images.Required Minimum Distribution (RMD)
Required retirement account withdrawal amount beginning when applicable tax rules require distributions.Residual Value
Estimated value of an asset at the end of its useful life.Retained Earnings
Cumulative profits retained by a business after dividends or distributions.Revenue
Income earned from normal business activities.Revenue Recognition
Accounting rules determining when revenue should be recorded.Return on Assets (ROA)
Ratio measuring profitability compared with total assets.Return on Equity (ROE)
Ratio measuring profitability compared with shareholders’ equity.Revenue Cycle
Business processes related to earning, recording, billing, and collecting revenue.Risk Assessment
Evaluation of potential risks affecting financial reporting, compliance, or operations.________________________________________S
Schedule C
Tax schedule used by sole proprietors to report business income and expenses.Schedule E
Tax schedule used to report rental income, royalties, partnerships, S corporations, estates, and trusts.Schedule SE
Tax schedule used to calculate self-employment tax.Self-Employment Tax
Social Security and Medicare taxes imposed on self-employed individuals.Segregation of Duties
Internal control requiring responsibilities to be divided among individuals to reduce errors and fraud.Source Document
Original documentation supporting an accounting transaction, such as an invoice, receipt, bank record, W-2, or 1099.Source Documents (Tax Preparation)
Original taxpayer records used to prepare tax returns, including income forms, expense records, receipts, and statements.Standard Cost
Predetermined cost used as a benchmark for measuring performance.Standard Deduction
Fixed deduction amount reducing taxable income.Static Budget
Budget prepared for a specific activity level that does not change.Statement of Cash Flows
Financial statement showing cash inflows and outflows from operating, investing, and financing activities.Statement of Equity
Financial statement showing changes in ownership equity during a reporting period.Substantive Testing
Audit procedures designed to detect material misstatements in financial statements.Subsidiary Ledger
Detailed supporting ledger for a general ledger account.Substantiation
Documentation required to support deductions, credits, expenses, and tax positions.Sweep Account
Bank account arrangement that automatically transfers excess funds to another account.________________________________________T
Tax Bracket
Range of taxable income subject to a specific tax rate.Tax Compliance
Process of preparing and filing tax returns according to applicable laws and regulations.Tax Credit
Dollar-for-dollar reduction of tax liability.Tax Deduction
Amount that reduces taxable income. Tax Liability
Total amount of tax owed before payments and credits.Tax Planning
Tax planning is the strategic process of legally minimizing taxes through timing, deductions, credits, entity selection, and financial decisions.Tax Projection
Estimate of expected future tax liability.Tax Preparation Workflow
Organized process of collecting information, preparing returns, reviewing work, obtaining approval, and filing tax documents.Tax Transcript
Official record of taxpayer account information or previously filed returns provided by the IRS.Tax Year
Annual period used for tax reporting purposes.Taxable Income
Income subject to taxation after deductions and adjustments.Taxpayer Identification Number (TIN)
Identification number used for tax reporting, including SSN, EIN, and ITIN.Tax Withholding
Amount withheld from income payments for tax obligations.Temporary Accounts
Revenue, expense, and dividend accounts closed at the end of an accounting period.Three-Way Match
Accounts payable control comparing purchase order, receiving report, and vendor invoice before payment.Timecard
Record of employee hours worked used for payroll processing.Trial Balance
List of account balances used to verify that total debits equal total credits.Treasury Stock
Shares repurchased by the issuing company.________________________________________U
Underpayment Penalty
Penalty assessed when insufficient tax payments are made during the year.Unearned Revenue
Payment received before goods or services are delivered.Unqualified Opinion
Audit opinion stating financial statements fairly present financial position under applicable accounting standards.Units of Production Method
Depreciation method based on actual asset usage or production output.Useful Life
Estimated period an asset is expected to provide economic benefit.Unreimbursed Business Expenses
Qualified business expenses not repaid by an employer or client, subject to applicable rules.________________________________________V
Variable Cost
Cost that changes based on production volume or business activity.Variable Costing
Costing method assigning only variable manufacturing costs to products.Variance Analysis
Comparison of actual financial results against budgets, standards, or forecasts.Vendor
Supplier providing goods or services to a business.Vendor Management
Process of selecting, monitoring, and maintaining supplier relationships.________________________________________WW-2 (Wage and Tax Statement)
Form provided by employers reporting employee wages and tax withholding.W-4 (Employee Withholding Certificate)
Form used by employees to determine federal income tax withholding.Weighted Average Cost
Inventory valuation method using average cost per unit.Withholding Allowance
Historical payroll withholding concept used before current Form W-4 methods.Withholding Tax
Tax withheld from payments before funds are provided to recipients.Work-in-Process (WIP)
Inventory partially completed in the production process.Working Capital
Working capital is a measure of a company's short-term financial health and ability to meet its day-to-day operating obligations. It represents the difference between a company’s current assets and current liabilities.Workpapers
Documentation supporting accounting conclusions, tax return preparation, calculations, and professional judgments.Working Capital
Difference between current assets and current liabilities.Write-Off
Removal of an asset or receivable from accounting records when it is determined to be uncollectible or unusable.Write-Down
Reduction in the recorded value of an asset.________________________________________X
XBRL (eXtensible Business Reporting Language)
Standardized electronic format used for exchanging financial reporting information.________________________________________Y
Year-End Close
Accounting process used to finalize financial records and prepare annual financial statements.Year-End Tax Planning
Tax planning activities performed before year-end to manage deductions, credits, income timing, and tax liability.________________________________________Z
Zero-Based Budgeting
Budgeting method requiring each expense to be justified from the beginning of each budget period.Zero Balance Account (ZBA)
Bank account designed to maintain a zero balance through automatic transfers.
