Auditing - Accounting Vocabulary Definitions

A financial statement that shows you the company's income and expenditures

• Income statement

• Revenue

• Assests

Written records that convey the business activities and the financial performance of a company

• Cash Flow Statements

• Financial Statements

• Income Statement

A long-term tangible asset that a firm owns and uses to produce income and is not expected to be used or sold within a year

• Assets

• Current Assets

• Fixed Assets

The money generated from normal business operations, calculated as the average sales price times the number of units sold

• Revenue

• Expense

• Debt

Amounts due to vendors or suppliers for goods or services received that have not yet been paid for

• Both of them

• Account receivable

• Account payable

An expense a business incurs through its normal business operations

• Prepaid expenses

• Operating expenses

• Financial expenses

A financial statement that provides aggregate data regarding all cash inflows a company receives from its ongoing operations and external investment sources

• Income Statements

• Cash Flow Statements

• Financial Statements