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ag business unit 6

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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