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Accounting Vocabulary Nov
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The cost incurred by a company to generate revenue.
EXPENSE
The money or other valuables that owners invest in a business.
CAPITAL
The process of keeping track of a company's financial transactions.
BOOKKEEPING
The financial statement that shows the changes in a company's equity accounts.
EQUITY STATEMENT
An individual or organization that owes money.
CREDITOR
The process of spreading the cost of an asset over its useful life.
DEPRECIATION
The process of assigning costs to particular cost centers or products.
ALLOCATION
A financial document that outlines the planned expenses and revenues over a specific period.
BUDGET
An accounting method that records revenues and expenses when they are earned or incurred.
ACCRUAL
A financial statement that summarizes a company's revenues and expenses.
INCOME STATEMENT
The cost incurred by a company to produce or purchase the goods it sells.
COST OF GOODS SOLD
Something valuable that an individual, corporation, or country owns or controls.
ASSET
The amount of money left over after subtracting expenses from revenue.
PROFIT
The process of examining and verifying a company's financial statements.
AUDIT
A financial statement that shows a company's financial position at a specific date.
BALANCE SHEET
The money a business earns from its normal business activities.
REVENUE
The process of calculating the total of a column of numbers.
ADDITION
A record of financial transactions, often referred to as the book of original entry.
JOURNAL
Amounts due to a company for goods or services provided but not yet paid.
RECEIVABLE
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