Glossary
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| Adjusting entries | Journal entries made at the end of an accounting period to adjust certain balances so that the statements will accurately reflect the transactions for the period.
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| Asset | Goods owned by the business for the purpose of earning income.
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| Capital | The difference between assests and liabilities.
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| Financial Periods | The balance sheet of a business is prepared at a point in time, while the Income Statement is for a period ended on the date of the Balance Sheet.
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| Financal Statements | Statements that record the assets, liabilities, capital, revenue, and expenses of a business enterprise.
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| Folio | A term used to show which journal the entry originated from.
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| Journals | Books of original entry where all original documents are first entered.
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| Ledgers | Books such as General Ledger, A/R Ledger,A/P Ledger, & Payroll Ledger that record the details from verious journals.
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| Liability | An Amount owed by a business
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| Net Income | The total revnue less total expenses.
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| Trial Balance | Recording ledger balances in debit and credit columns to determine that the tools are equal.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
carolinefhennel
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