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Source: WallStreetMojo If you are just starting out in the accounting world, there are some basic accounting terms you should familiarize yourself with. Accounting is the language of business, and understanding the fundamentals is key to success. From the basic concepts of income and expenses to more complex terms like depreciation and amortization, there is a lot to learn. T o help get you started, here is a list of 42 basic accounting terms you should know: 1. Assets: Anything of value owned by a business. Examples include cash, inventory, accounts receivable, and equipment. 2. Liabilities: Obligations of a business to another party. Examples include accounts payable, loans, and taxes. 3. Equity: The difference between a company’s assets and liabilities. 4. Income: Money earned from selling goods or services. 5. Expenses: Money spent to generate revenue. 6. Profit: The difference between income and expenses. 7. Cash flow: The movement of money in and out of a business. 8. Accou