A contract for difference, often abbreviated to CFD, is an alternative means by which an individual can invest in a company or asset.
The trial balance is a report that lists the balances of all the individual T-accounts of the general ledger at a specific point in time.
A general journal is where business transactions and events are first recorded and, for that reason, it is often called a “book of first entry”.
A business event is a business transaction in which there is an exchange of value between two groups.
The double-entry bookkeeping system, also called double-entry accounting, is a common accounting system that requires every business transaction to be entered in at least two different accounts.
Debits and credits are accounting entries that record business transactions in two or more accounts using the double-entry accounting system.
A general ledger, also known as an accounting ledger, is the master record that provides summaries for all transactions in the various accounts used by a company.
Expense accounts are categories in a company’s books that show what day-to-day running costs the business had during a specific time period.
Revenue accounts are how companies record their revenue transactions within different accounts based on the nature and type of revenue earned, to make it easier for management analysis.
A contra account is a general ledger account with a balance that is the opposite of another, related account that it is paired with.