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accounting

study tool for business tech.

Financial statements A report that summarizes financial data over a period of time. *most include balance sheet and income statement.
Balance sheet reports a business’s assets, liabilities, and capital on a specific date. (follows a an accounting equation: assets= liabilities + capital)
Liabilities These claim against assets, debts owed to others ( examples would be accounts payable and loans payable)
Capital amount a certain individual or organization is worth
Accounting equation Assets = Liabilities + Capital
Merchandise inventory includes goods that have been acquired by a distributer, wholesaler, or retailer from suppliers with the intent of selling goods to third parties.
Accounts receivable Money owed to a company by a customer by a customer for products and services provided on credit.
Accounts payable Money which a company owes to vendors for products and services purchased on credit.
Income statement A summary of a management’s performance as reflected in the profitability of an organization over a certain period.
Cash flow includes the movement of cash into and out of a business. Also, you must have cash on hand to pay bills.
Working capital the difference between current assets and current liabilities. For this , you must determine if you are able to pay off you debts.
Created by: farrah123