Top 40 Accounting Acronyms to Know 

It’s true, it can often seem like accountants have their own language. Communicate with your accountant and finance department like a pro with our Top 40 List Accounting Acronyms List. 

1. A&A — Audit and Assurance

2. AR — Accounts Receivable

3. ASU — Accounting Standards Update

4. AP — Accounts Payable

5. ASB — Auditing Standards Board

6. Big 4 — Traditionally, the four largest CPA firms in the world: PwC, Deloitte, EY, and KPMG

7. BV — Business Valuation

8. CPA — Certified Public Accountant

9. CAQ — Center for Audit Quality

10. CFO — Chief Financial Officer

11. COO — Chief Operating Officer

12. COGS — Cost of Goods Sold

13. C2B — Consumer—to—business

14. CPU — Cost per Unit

15. CR  — Credit

16. DR — Debit

17. ERP — Enterprise Resource Planning

18. FASB — Financial Accounting Standards Board

19. FinREC — Financial Reporting Executive Committee

20. GL — General Ledger

21. GAAP — Generally Accepted Accounting Principles

22. GAAS — Generally Accepted Auditing Standards

23. GP — Gross Profit

24. IPO — Initial Public Offering

25. IASB —  International Accounting Standards Board

26. IFRS  — International Financial Reporting Standards

27. LOR — Letters of Response  — Peer Review

28. LLC — Limited Liability Company

29. PAT — Profit After Tax

30. PBT — Profit Before Tax

31. PR — Purchase Requisition

32. PCC — Private Company Council

33. PRB —  Peer Review Board

34. P&L — Profit and Loss Statement

35. PCAOB — Public Company Accounting Oversight Board

36. PA  — Public Accountant

37. SOC — Service Organization Control

38. SEC — Securities and Exchange Commission

39. SOX — Sarbanes—Oxley

40. VAT — Value—Added Tax