Vocabulary: Budgeting and Accounting

__________ is the system of recording, summarizing, and analyzing business and financial transactions

_______ _______ is the  balance due to a creditor on a current account 

  ________ __________ refer to the balance due from a debtor on a current account.

_______ _____ is used by all types of businesses to detail assets, liabilities, and owner’s equity at one specific moment in time.

______ is a detailed estimate of income and expenses for a specific period of time

____ ____ _________ indicate the flow of cash through a business.

_____ _______ is money spent on something that costs the same amount each month

______ _________ is another important financial tools used to evaluate a business’s financial position

________ _______ fluctuate from month to month and is dependent on production and sales volume.