Money owed to the company by its customers.
Accounts Receivable
Money owed by the company to its suppliers or creditors.
Accounts Payable:
A chronological record of all financial transactions.
Journal
A book or computer file that summarizes all of the company's accounts.
Ledger
An entry that increases an asset or expense account, or decreases a liability or equity account.
Debit
An entry that decreases an asset or expense account, or increases a liability or equity account.
Credit
A system of recording financial transactions where every transaction is recorded with corresponding debits and credits.
Double-entry bookkeeping
A bill sent to a customer for goods or services provided
Invoice
A document that serves as proof of payment
Receipt
The stock of goods held by a business for sale
Inventory
Costs incurred in the operation of a business.
Expenses
Income generated from the sale of goods or services.
Revenue
The difference between a company's revenue and expenses.
Profit and Loss
The systematic allocation of the cost of a tangible asset over its useful life.
Depreciation
The systematic allocation of the cost of an intangible asset over its useful life.
Amortization
Expenses incurred but not yet paid, or revenue earned but not yet received.
Accruals
