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13 Cards in this Set
- Front
- Back
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Account Payable |
an expense that has been incurred, but not yet paid |
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Account Receivable |
Revenue for a product that has been sold but for which no payment has been received |
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Accrued Expense |
an expense that accumulates but has not been paid |
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Asset |
an item of value that a business uses to make money |
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Credit
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the RIGHT hand side of the ledger. A decrease in assets. Also an increase in liability |
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Debit |
The LEFT hand side of the ledger. A decrease in assets. Also an decrease in liability. |
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Expense |
a cost to produce something by a business |
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Inventory |
producers on hand but not used yet or not sold yet |
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Liability |
Debt. Money owed. |
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Net Income (Profit) |
Revenue minus expenses |
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Owner Equity |
the amount of assets of the business that the owner owns and doesn't owe in debt. Same thing as Assets - Liabilities. Also called Net Worth |
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Prepaid expense |
a payment made before it is owed |
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Revenue |
Money that comes into a business for products sold. Also called Income. |
