Initialise
In short: Initialising means giving a variable or object a first, valid value.
In more detail: Local variables must be initialised in Java before use. Attributes receive default values (0, false, null).
In Depth
int number = 0; // initialise variable
Account k = new Account(100.0); // initialise object via the constructorNot to be confused with instantiating, which creates an object. See constructors, declaring variables.
See also: Instantiate, Constructors, Declaring Variables