| No | Word | Definition |
| 1 | Accountant | A person who carry out accountancy roles. |
| 2 | Accounting | Systematic recording and reporting of financial data for use by decision makers. |
| 3 | Accounting entity | An organisation that prepares financial reports as referred to as a reporting entity. |
| 4 | Balance sheet | A financial statement that shows financial position of an entity. |
| 5 | Income statement | A financial statement that shows whether an entity generates profit or losses. |
| 6 | Profit | A situation where resources generated are in excess of those used up in their generation. |
| 7 | Loss | A situation where resources generated are less than those used up in their generation. |