Accounting Voabulary

Front 1

Assets

Back 1

the items detailed on a balance sheet, especially in relation to liabilities and capital.

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Shareholders’ equity

Back 2

represents the amount by which a company is financed through common and preferred shares. Also known as "share capital"

Front 3

Income Statements

Back 3

an accounting of income and expenses that indicates a firm's net profit or loss over a certain period of time, usually one year.

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Cash Flow Statements

Back 4

an important measure of the financial health of a company. Derived from the balance sheet and income statement, the cash flow statement is a financial report that shows a company's incoming and outgoing cash

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Account

Back 5

an amount of money deposited with a bank, as in a checking or savings account:

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Accountant

Back 6

a person whose profession is inspecting and auditing personal or commercial accounts

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Accounting period

Back 7

a regular period of time, as a month or a year, for which an operative statement is drawn up.

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Accounts payable

Back 8

a liability to a creditor, carried on open account, usually for purchases of goods and services.

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Accounts receivable

Back 9

a claim against a debtor, carried on open account, usually limited to debts due from the sale of goods and services.

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Appreciation

Back 10

the act of estimating the qualities of things and giving them their proper value.

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Audit

Back 11

an official examination and verification of accounts and records, especially of financial accounts.

Front 12

Capital

Back 12

the wealth, whether in money or property, owned or employed in business by an individual, firm, corporation, etc.

Front 13

Liabilities

Back 13

- moneys owed; debts or pecuniary obligations (opposed to assets).

- Accounting. liabilities as detailed on a balance sheet, especially in relation to assets and capital.