Key Accounting Terms

Front

Asset

Back

Resource owned by a company

Front

Liability

Back

Company's financial debt

Front

Equity

Back

Owner's interest in the company

Front

Revenue

Back

Income from sales

Front

Expense

Back

Cost incurred in operations

Front

Balance Sheet

Back

Financial statement of assets, liabilities, equity

Front

Income Statement

Back

Financial performance over a period

Front

Cash Flow

Back

Movement of cash in and out

Front

Accounting

Back

The process of recording, classifying, and summarizing financial transactions to provide information that is useful for decision making.

Front

Accounts payable

Back

The money a business owes to vendors for goods or services received but not yet paid for.