• Account Payable: An amount owed to a creditor for goods delivered or services performed.
  • Account Receivable: For an uncollected amount against a debtor, usually from a completed sale transaction or Services offered.
  • Accountant: A person skilled in recording and reporting of financial transactions.
  • Accounting: Recording and reporting of financial transactions including the origination of the transaction Recognition, processing, and summarization in financial statements.
  • Accounting Cycle: The sequence of steps followed in the accounting process to measure business transactions and Convert metrics to financial statements for a specific period of time.
  • Bank Statement: A periodic statement, usually monthly, that a bank sends to a checking account holder Account balance at the beginning of the month and at the end of the month.
  • Budget: A financial plan that serves as an estimate of future cost, revenue, or both.
  • Cash: ASSET account on balance sheet representing paper currency and coins, negotiable money orders and Cheques, bank balances and some short-term government bonds.
  • Credit: The entry on the right-hand side of a double-entry bookkeeping system represents a reduction An addition to an asset or expense or a liability or revenue.
  • Debit: An entry on the left side of a double-entry bookkeeping system, which represents an addition. Reduction in asset or expense or liability or revenue.
  • Finance: The science of management of money and other financial assets.
  • Inventory: A tangible asset held for sale, or materials used in the production process to make a product.
  • Profit: Assets and liabilities are grouped according to accounting method and presentation. The purpose for which they are to be used. Usually used by government agencies and non-profits.