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ag business unit 6
| Term | Definition |
|---|---|
| Accrual Accounting | a system of accounting that uses inventory adjustments and records sales and expenses as they occur |
| Asset | anything owned that is of monetary value |
| Audit | verification of accounting records |
| Balance Sheet | a financial summary of a business on a given day that lists assets and liabilities |
| Cash Accounting | a method of accounting in which income and expense items are recorded and recognized when cash is received or disbursed |
| Cash Flow | inflows and outflows of cash; the pattern of receipts and expenditures in and out of a business, which are summarized on a cash-flow statement |
| Depreciation | the decrease in value of assets due to time, wear, or obsolescence |
| Equity | the values remaining in property when all liens and other obligations have been paid |
| Financial Records | a collection of accurate information depicting the financial situation of a business |
| Income | monetary amounts received for goods and services |
| Lien | a claim on property to secure payment of a debt |
| Liquidity | ease of converting something of value to money; the ability to pay expenses as they become due |
| Margin | the difference between expenses and receipts |
| Net Worth | the difference between assets and liabilities on a balance sheet; equity |
| Profit-and-Loss Statement | a report that shows financial performance of a business over time |
| Receipt | written statement that acknowledges receipt of money |
| Salvage Value | the value of an asset after its useful life |
Created by:
csmith7393
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