Common Accounting Terms

Common Accounting Terms

Every industry has its own language. Knowing the words used in the industry will help you better comprehend the responsibilities of an accountant and improve service delivery. This article defines the standard accounting terms you may see in many fields.

Audit Trail

Audit Trail

An audit trail is a thorough, chronological record by tracking accounting data, project details, or other financial data. An audit trail is often a requirement of regulation for a thorough and organized accounting department. Even when it is not mandated, it will be a business best practice.