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15 Cards in this Set

  • Front
  • Back
An explanation, record or history of an event.
Account
A list of account
Ledger
The left side of an account.
Debit side
The right side of an account.
Credit side
The abbreviation for debit
DR
The abbreviation for credit.
CR
Assets=Capital + Liabilities
Accounting equation
Resources owned by the business.
Assets
Money invested by the owner.
Capital
Resources which must be paid back.
Liabilities
Money taken out of the business for the owner's personal use.
Drawings
Persons who owe the business money.
Debtors
Person to whom the business owes money.
Creditors
The profit and loss account and the balanc sheet.
Final accounts.
The recording of financial information.
Bookeeping.