Easy
Accountant
A record summarizing all the information pertaining to a single item in the accounting equation.
Assets
Anything of value that is owned.
Balance Sheet
A financial statement that reports assets, liabilities, and equity on a specific date.
Memorandum
A form on which a brief message is written describing a transaction
Accounts Payable
A record summarizing all the information pertaining to a single item in the accounting equation.
Liabilities
An amount owed by a business.
Income Statement
A financial statement showing the revenue and expenses for a fiscal period.
Objective Evidence
The accounting concept that requires the use of a source document for each transaction.
Accounts Recieveable
An account used to record that cash is owed to your business by other party - money you need to receive.
Expense
A decrease in equity resulting from the operation of a business.
Equity
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
Petty Cash
An amount of cash kept on hand and used for making small payments.
Financial Statements
Reports that summarize the financial condition and operations of a business.