records which collect specific business transactions

owned company resources which have dollar values

money owed by a company

the value of the stockholders' claim to the assets of a buisness

left side of the accounting equation (assets) (money you have directly)

right side of the equation (liabilities and stockholders' equity)

directory which groups the accounts used in a business

earning for work completed or goods delivered

payments made to help the company earn revenue

visual display of a transaction's effect on an account; debits are on the left side and credits are on the right side

accounting rule where at least two accounts are always affected by every transaction; at least one account must be one the debit side and one on the credit

balance an account type is always expected to have; the side of the accounting equation where an account is normally found

business which works for a customer and does not provide tangible goods

physical object

goods which are not physical objects such as services

process of recording accounting procedures in an accounting period

form of recording transactions in chronological order

proves a transaction occurred

form for recording transactions in chronological order

collection of all accounts in business

transferring information from the journal

list of all accounts and their balances at a certain point

record of financial transactions which change the balance of some accounts

formal reports of company activities which are viewable by the public

financial report which shows how profitable a company is during a certain accounting period; displays revenues, expenses, and net income

earnings maintained by the company for financial growth

financial statement outlining the changes in retained earnings for a certain period

external (public) financial statement showing a company's financial position at a certain time; assets, liabilities, and stockholders' equity are recorded on this document

financial statement which reports cash generated and used by a company

receiving cash from revenue/paying expenses

using cash for assets

receiving cash from owners/paying owners