International Accounting Terminology


Below is a summary of the most commonly used international terms and the UK equivalents.

International Term
UK Term
Account payable
Creditor account
Account receivable
Debtor account
Accumulated profits
Profit and loss reserves
Allowance
Provision
Customer
Debtor
Income statement
Profit and loss account
Inventory
Stock
Loan notes
Debentures
Non-current assets
Fixed asset
Non-current liability
Long-term liability
Nominal ledger
General ledger
Payables
Creditors
Payables control account
Creditors control account
Preferred shares
Preference shares
Receivables
Debtors
Receivables control account
Debtors control account
Revenue
Income/turnover
Sales tax
VAT
Supplier
Creditor