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10 Cards in this Set
- Front
- Back
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Journal
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an account of day-to-day events
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Journalize
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o keep a journal in accounting
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Debit
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to enter upon the debit side of an account : charge with a debit
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Credit
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1): an entry on the right-hand side of an account constituting an addition to a revenue, net worth, or liability account (2): a deduction from an expense or asset account
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Accounting
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the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results; also : the principles and procedures of accounting
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Balance Sheet
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a statement of financial condition at a given date
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Assets
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an item of value owned
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Liabilities
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something for which one is liable; especially : pecuniary obligation
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accounts payable
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the balance due to a creditor on a current account
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Owner's capital
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how much money the owner has
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