chart of accounts
list of all accounts including assets, liabilities, revenues, expenses, and equity, as a means of keeping track in the general ledger
system of recording economic events in which every entry affects at least two accounts. This can be especially beneficial for businesses, as they have numerous transactions and need to make complex decisions.
cost of buying materials, paying employees, or any other type or purchase in order to generate revenue; the cost of doing business
obligation or amount owed to another individual or entity as a result of a past transaction
value after debts and obligations have been accounted for, or the total business assets less liabilities
money or resources received or expected to be received by the company in exchange for goods or services rendered
accounting tool to keep track of beginning and ending balances as well as changes (debits and credits) within an account with a debit and a credit side for each specific account