Records Vocab

a complete list of items such as property, goods in stock, or the contents of a building

• Inventory

• Debit

• Accounts payable

• Income statement

What is the word to describe anything that has value in a business?

• Capital

• Liability

• Asset

• Revenue

What word describes people/businesses that you owe money to?

• Asset

• Liability

• Capital

• Revenue

The owner's share of the business is referred to as:

• Asset

• Liability

• Capital

• Revenue

Which classification would this account have: EQUIPMENT

• Revenue

• Liability

• Asset

• Capital

Classify this account: VERIZON WIRELESS PHONE COMPANY

• Asset

• Liability

• Capital

• Revenue

money owed to a company by its debtors

• debit

• accounts receivable

• accounts payable

money owed by a company to its creditors

• Accounts Recievable

• Accounts Payable

• Debit

an entry that records a decrease in assets or an increase in liability as well as a decrease in expenses or an increase in revenue

• Debit

• Credit

• Accounts payable

an entry recorded for a payment made or owed

• Debit

• Credit

• Accounts payable