1
The balance of money due to a firm for goods or service delivered or used but not yet paid by customers
2
A record of financial transactions and their effects on the financial position of a business.
3
Anything of value that is owned by a business or individual.
4
Costs incurred by a business in order to generate revenue.
5
shows how profitable a business is in comparison to its revenue.
6
For instance, a cost may be spread out across a number of months(as in the case of insurance) or among several departments (as is often done with administrative costs for companies with multiple divisions).
7
The difference between the total debits and total credits in an account.
8
There are, of course, some fundamental accounting terminology that don't apply to a specific financial statement
9
Debts or obligations owed by a business or individual.
10
The residual interest in the assets of an entity after deducting liabilities.
11
Income earned by a business from its normal operations.
12
The excess of revenue over expenses in a period of time.
