Flashcard review - Accounting

Front

All the money received from business activities during a given period

Back

income

Front

All the money that a business spends on goods or services during a given period

Back

expenditure

Front

A financial operating plan showing expected income and expenditure

Back

budget

Front

Anything owned by a business - cash, buildings, machines, equipment, etc.

Back

asset

Front

All the money that a company will have to pay to someone else in the future, including debts, taxes and interest payments

Back

liabilities

Front

An entry in an account, recording a payment made

Back

Debit

Front

An entry in an account, recording a payment received

Back

credit

Front

Adjective describing something without a material existence, which you can't touch

Back

intangible

Front

Adjective describing a liability which has been incurred but not yet invoiced to the company

Back

accrued

Front

Delayed or postponed until a later time

Back

deferred