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    Accounting Basics: Account Types & Financial Statements
    Organizing and summarizing search results for you
    Key accounting terms include:
    superprof.co.in+1
    • Assets: Any resource owned by a business or an economic entity.
    • Balance Sheets: A summary of the assets, liabilities, and the capital of a business at a particular point in time.
    • General Ledger: A record of all financial transactions of a company.
    • Credits and Debits: Credits are entries that represent money you receive, while debits represent money you spend.
    • Revenue: The income generated by a business.
    • Capital: The amount of money invested in a business.
    • Cash Flow: The amount of cash and cash equivalents moving in and out of a business.
    • Accounts Payable: Short-term obligations to be paid by an organization.
    • Accounts Receivable: Money owed to a company by its debtors.
    • Current Assets: Assets that can be converted into cash within a year.
    • Equity: The residual interest in the assets of a company after deducting liabilities.
    • Expenses: The costs incurred by a business in order to generate revenue.
    • Fixed Assets: Assets that are not intended for sale and are used in the production of goods or services.
    • Ledger: A record of all financial transactions of a company.

    2 Sources

    Accounting Definition and Key Terms | Superprof
    Key Accounting Terms 1 Assets An asset is any resource owned by a business or an economic entity. ...
    Superprof
    https://www.superprof.co.in/blog/identifying-the-most-commonly-used-accounting-terms/
    Accounting Terminology | List of Top 15 Basic Accounting Terms
    List of Basic Accounting Terminology 1 #1 – Accounts Payable Accounts payable are short-term obligations to be paid by an organization. ... 2 #2 – Accounts Receivable ... 3 #3 – Ba…
    WallStreetMojo
    https://www.wallstreetmojo.com/accounting-terminology/
    superprof.co.in
    wallstreetmojo.com

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