Accounting Glossary

A comprehensive reference of the most important accounting and financial terms, with clear and simplified explanations to help you understand the language of business and accounting with ease.

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Most searched terms

The top 20 accounting terms most searched by business owners in Saudi Arabia — concise, direct definitions.

ZATCAThe Saudi government authority responsible for collecting zakat, taxes, and customs duties.Real Estate Transaction TaxA 5% tax imposed on the sale and transfer of real estate ownership in Saudi Arabia.ZakatThe minimum amount of wealth at which zakat becomes obligatory under Islamic law.Value Added Tax (VAT)An indirect tax of 15% imposed on most goods and services in the Kingdom.Escrow AccountA neutral bank account that holds funds until both parties meet the agreed contract terms.Point of Sale SystemAn integrated system that records sales, prints invoices, and updates inventory in real time.Inventory ListA detailed record of every item a business holds, with quantity, cost, and location.Bounced CheckA check the bank refuses to pay because of insufficient funds or an account issue.Sales JournalA dedicated book that records every credit and cash sale in chronological order.Prepaid ExpensesAmounts paid by the business in advance for services or benefits to be received later.CapitalThe total funds injected by owners or shareholders to finance the business's activity.Return on Investment (ROI)A financial metric that measures investment efficiency as the ratio of profit to cost.EBITEarnings before interest and taxes, reflecting the operating profit of the business.EBITDAEarnings before interest, taxes, depreciation, and amortization. Measures net operating performance.Construction AccountingAn accounting specialty dealing with long-term construction projects and revenue recognition.Islamic SukukIslamic securities representing a common share in Sharia-compliant assets or projects.JournalThe primary accounting record where all transactions are entered in chronological order.CAPEXCapital expenditures incurred by the business to acquire or develop long-term assets.Adjusting EntriesEntries made at the end of the period to match revenues and expenses to the correct period.Credit NoteA financial document issued by the seller to reduce the value of a previous invoice due to a return or discount.

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