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Do You Know The Abbreviations Commonly Used in Accountancy?

Education

Do You Know The Abbreviations Commonly Used in Accountancy?

Knowing these common abbreviations will help you while writing the Accountancy exams and will give you a competitive edge in Class 11 &12 Commerce.

By Topperlearning Expert 05th Aug, 2020 12:03 pm

After Class 10, students who opt for courses in the Commerce stream have some new subjects to be studied as part of their curriculum. Bookkeeping and Accountancy is such a subject which requires in-depth and detailed knowledge along with a lot of practice to master concepts in the syllabus. 

The initial chapters introduce the most basic and important concepts of a particular subject, and therefore, it is important to remember all of these concepts for the longest time possible. However, just remembering the concepts is not enough. Why? Because Accountancy is a subject which involves a lot of calculations, numerous statements and multiple procedures. So, while preparing for the Accountancy exams, students will not only have to remember the concepts but will also have to thoroughly practice the calculations and statements to complete their exam paper on time.

Subject-specific abbreviations are usually used so that time spent on long words is saved and can be utilised elsewhere in the most effective manner. Knowing these abbreviations will help you while writing the exams and will give you a competitive advantage over others when working in the Accounting field in the future.

 

Let's look at some abbreviations (along with their full forms) which you should know all about before venturing into the vast and unchartered Accountancy realm.

 

Abbreviation

Full Form

Abbreviation

Full Form

DR

Debit

GP

Gross Profit

CR

Credit

NP

Net Profit

A/C

Account

GL

Gross Loss

BAL

Balance

NL

Net Loss

C/F

Carried Forward

NPAT

Net Profit After Tax

B/F

Brought Forward

NPBT

Net Profit Before Tax

C/D

Carried Down

ROI

Return on Investment

B/D

Brought Down

FMP

Future Maintainable Profit

JF

Journal Folio

NRR

Normal Rate of Return

LF

Ledger Folio

BD

Bad Debts

JV

Journal Voucher

DISC

Discount

AS

Accounting Standards

TDS

Tax Deducted at Source

IND-AS

Indian Accounting Standards

GST

Goods and Services Tax

IFRS

International Financial Reporting Standards

CGST

Central Goods and Services Tax

GAAPs

Generally Accepted Accounting Principles

SGST

State Goods and Services Tax

CAP

Capital

IGST

Integrated Goods and Services Tax

CE

Capital Employed

DRR

Debenture Redemption Reserve

WC

Working Capital

DRI

Debenture Redemption Investment

CL

Current Liability

ESOP

Employees Stock Option Plan

LTL

Long Term Liability

CO

Company

OD

Overdraft

BV

Book Value

FA

Fixed Asset

FV

Face Value

DEPR

Depreciation

MV

Market Value

WDV

Written Down Value

IPO

Initial Public Offer

SLM

Straight Line Method

PC

Purchase Consideration

FIFO

First-In, First-Out

SEBI

Securities and Exchange Board of India

LIFO

Last-In, First-Out

NPO

Not-for-Profit Organisation

COGS

Cost of Goods Sold

LLP

Limited Liability Partnership

WIP

Work in Progress

PSR

Profit Sharing Ratio

CA

Current Asset

OPC

One Person Company

BOE

Bill of Exchange

BS

Balance Sheet

BP

Bills Payable

P&L

Profit and Loss Account

BR

Bills Receivable

TB

Trial Balance

TP

Trade Payable

CFS

Cash Flow Statement

TR

Trade Receivable

BRS

Bank Reconciliation Statement

 

Before taking up any new task or work, you should always do a little research and then proceed. This helps in gaining knowledge and confidence as well as ensures effective learning outcomes. Similarly, before entering the Accountancy stream, having a clear idea of these commonly used abbreviations in the field can ensure effective communication, one which is free from error and confusion.

Remembering these abbreviations is of vital importance in order to effectively manage exam time and score more marks!

 

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