Accounting Vocab

Front

Money a company receives from customers.

Back

Revenue

Front

Money spent by a business on raw materials, machinery, and salaries.

Back

Expenses

Front

Resources with value or that can produce value.

Back

Assets

Front

Financial statement showing liabilities, assets, and shareholder equity at a point in time.

Back

Balance Sheet

Front

Company's spending to generate net sales.

Back

Cost of Sales (Cost of Goods Sold)

Front

Profit before taxes are paid.

Back

Gross Profit

Front

Summarizes revenue, expenses, and profit.

Back

Income Statement

Front

Something you can't touch but provides business value.

Back

Intangible Asset

Front

Obligation to pay for past products/services.

Back

Liability

Front

A figure indicating company profitability during the reporting period.

Back

Net Profit (or Net Income)