proprietorship
fiscal period
owners equity
Journalizing
transaction
net income
withdrawls
accounting
liability
worksheet
net loss
expense
revenue
capital
account
posting
Journal
credit
ledger
asset
debit
check
Accounting
Balance Sheet
Revenue
Expenses
Liabilities
Assets
Financial Statements
Financial Records
Profits
income
long-term assets
sales
Business Records
Owner's Equity
Income Statement
Cash Budget
Budget
surplus
net worth
fixed assets
Payroll
start-up budget
payroll record
Financial planning
Accounts Receivable
Cost of good sold
Accounts Payable
General Ledger
Balance Sheet
Trial Balance
Credit terms
Liabilities
On account
T accounts
Inventory
Receipts
Profits
Assets
Budget
Losses
credit customer
gross profit
stakeholders
Fixed assets
liabilities
receivables
net profit
customers
suppliers
creditors
Purchases
invoices
receipts
payables
debtors
revenue
assets
income
sales
Responsibilities
Consequences
Entrepreneur
Stakeholders
Advertising
Competition
Legislation
Opportunity
Partnership
Regulations
Shareholder
Accountant
Competitor
Diversify
Economics
Liability
Marketing
Resources
Business
Customer
Discount
Employee
Employer
External
Internal
Supplier
Company
Emloyer
Factors
Finance
Borrow
Credit
Demand
EFTPOS
Income
Invest
Market
Profit
Rights
Supply
Asset
Ideas
Money
Needs
Owner
Repay
Trade
Wants
Cash
Loan
Loss
Sale
Sell
Wage
Buy
Law
Pay
Tax
certificate of deposit
exchange traded fund
accounts receivable
intrinsic invest
domestic product
accounts payable
cost of capital
accrual basis
growth stock
entrepreneur
depreciation
debt deficit
amortization
margin call
volatility
hedge fund
cumulative
cash basis
bankruptcy
fiduciary
commodity
bond boom
arbitrage
mortgage
dividend
economy
capital
equity
broker
asset
gross
fund
For every debit there is a corresponding credit
possession owned by the business
An asset account
A party whom the business
Decreases owners equity
The accounting equation must always
Profit or loss
Owner takes for personal use
can be converted into cash within a year
obligations that are settled within a year
inventory
liability
creditor
business
purchase
journal
capital
debtor
ledger
credit
debit
sales
stock
asset
loan
cash
the economic resources a business has, including the products it has in inventory, the office furniture and supplies purchased for use, and any trademarks or copyrights it owns.
This includes any debt accrued by a business in the course of starting, growing and maintaining its operations, including bank loans, credit card debts, and monies owed to vendors and product manufacturers.
The costs the company incurs each month in order to operate, including rent, utilities, legal costs, employee salaries, contractor pay, and marketing and advertising costs.
the overall movement of funds through your business each month, including income and expenses
debt and equity is...
Over time, a business’ assets decrease in value due to the time that has passed since it was purchased
tool for an estimation of the overall worth of the business.
a physical check by an auditor or tax official on your financial records to check that you account for everything correctly.
the process of offsetting assets such as goodwill and intellectual property over a period of time.
when someone cannot pay their debts and aren't able to reach an agreement with their creditors.
a listing of planned revenue and expenditure for a given period.
a lending term for when a customer purchases a good or service with an agreement to pay at a later date.
any amount that you owe including bills, loan repayments and income tax.
money used to fund a business or high value purchase.
a person who promises to pay a loan in the event the borrower cannot meet the repayments. The guarantor is legally responsible for the debt.
the difference between the selling price of a good or service and the profit
the total revenue a business earns minus the total expenses.
a list of goods or materials a business is holding for sale.
a list of future financial transactions.
a failure to pay a loan or other debt obligation.
This is an expression of your business’s total value, as determined by your total current assets less the total liabilities currently owed by the business.
management accounting
accounts receivables
cash flow statement
land and building
outstanding wages
full disclosure
ratio analysis
financial year
balance sheet
book keeping
conservatism
fixed assets
realisation
consistency
accounting
cash flow
creditors
reporting
expenses
revenue
debtors
profits
equity
debt
rent
ifrs
cost