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Acronyms in Accounting

Everyday Acronyms

A/P                     Accounts Payable

A/R                     Accounts Receivable

ACH                     Automated Clearinghouse

CIA                       Cash in Advance payment terms

CIF                       Cost, Insurance and Freight

COD                     Cash on Delivery

D&O                    Directors and Officers insurance

D/A                     Documents against Acceptance

D/P                     Documents against Payment

DDP                     Delivery Duty Paid

DDU                     Delivery, Duty Unpaid

E&O                     Errors and Omissions insurance

ECOA                   Equal Credit Opportunity Act

EDI                       Electronic Data Interchange

EOAP                    End of Accounting Period

FASB                     Financial Accounting Standards Board

FOB                       Free on Board

GAAP                     Generally Accepted Accounting Principles

GL                         General ledger

GP                         Gross Profit

IFRS                       International Financial Reporting Standards

Incoterms              Rules of the International Chamber of Commerce

ISO                        The Organization for Standardization

L/C                        Letter of Credit

LCM                       Refers to a lower of cost or market adjustment

NIAT                      Net income after tax

OTC                       Over the Counter

POS                       Point of Sale

Prox                      Next (a Latin word)

RFP                       Request for Proposal

RFQ                       Request for Quote         

SBLC                     Standby letter of credit

SEC                       Securities and Exchange Commission

SWIFT                   Society for Interbank Financial Telecommunication

TCP/IP                  Transmission Control Protocol/Internet protocol

© 2010 by Michael C. Dennis.  All Rights Reserved