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Record Keeping Unit

Vocabulary Words

Liability Debts that need to be paid
Assets Cash or other property that is you have earned
Net Worth Equity = Net Worth
Expenses The amount spent in order to buy or do something
Inventory Written record of items used taken on January 1st and ending on December 31st
Financial Balance Sheet A summary of how funds are invested and used within a business.
Equity Total assets - total liabilities = Owners equity
Income The amount of money (or goods) received over a period of time either as payment for work, goods, or services, or as a profit on capital.
Capital income or expense items that will be used for more than one year; this can include breeding livestock, poultry, machinery, land, buildings, etc.
Cash The total amount of income made in the form of cash or check.
Non-Cash Total value of item(s) recieved for the labor preformed in the exchange
Labor Physical work, calculated in hours
Current Liablilities are: Accounts payable Rents Notes payable – current portion
Current Assests Cash or other assets which can be converted to cash through the normal operations of the business during the year.
Current Assestes are: Checking and/or savings accounts Inventory held for resale
Non-Current Assets Assets used in producing a product or are not sold and not converted into cash within one year.
Non-Current Assets are: Tractors Barns Breeding Stock
Non-Current Liabilities Debts due in more than one year
Non- Current Liabilities are: Notes payable – non-current portion
Created by: sydneytymula