Most Important Accounting Terms Accounting is a complex field that requires a thorough understanding of the various terms and concepts used in the industry. To help you get a better grasp of the language of accounting, here is a list of the most important accounting terms and their definitions. Debit and Credit Debit and credit are two of the most fundamental accounting … [Read more...] about Key Accounting Terms: Debit, Credit, Assets, Liabilities, Equity, Revenue, Expenses, Cash Flow, Income Statement, and Balance Sheet