Accounting Terminologies

1. Cash and inventory are an example of what type of accounts? Choose from the 3 major categories

2. It is one of the financial statements where you can find retained earnings and liabilities

A bookkeeping worksheet in which the balance of all ledgers are compiled into debit and credit account column totals that are equal.

Also means "the left side" of the entry

It can be defined as the amount of expenditure made in order to secure some goods or services.

It contains the data/figures significant to a single business transactions including the date, account titles, and description.

the money spent, or costs incurred by a business their effort to generate revenues

the time frame for which a business prepares its financial statements and reports its financial performance. This is called as accounting ______.

This is an accounting term stating that a business is expected to operate for the forseeable future.

this is known as financial obligation that will result on future outlay on economic resource.