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Bookkeeping

Introduction to Bookkeeping

TermDefinition
Account Payable a liability account recording that money is or will be owed.
Bookkeeping involves maintaining financial records for a business, either your own or within the accounting department of another business.
Service Business business that performs a service for payment.
Bookkeeper a person who records and account for the exchange of money for services, as well as money for goods.
Accounting a logical process for keeping accurate financial records, which is necessary for successful money management. These records show the financial strengths and weaknesses of the business.
Account a record pertaining to a single item in the accounting equation that summarizes all the information about that item.
Account Title the name given to an account.
Account Balance an amount in an account.
Transaction any activity that occurs in the business that changes part of the accounting equation (assets, liabilities, or owner's equity)
Assets anything of value owned & used in a business.
Liability any money owed.
Owner's Equity Determined by subtracting the value of liabilities from the value of assets; the difference is what the business is worth to the owner.
Debtor an entity or person who owes money.
Accounting Equation Assets = Liabilities - Owner's Equity (left side must always equal the right side)
Creditor an entity or person who has lent money.
Balance Sheet an accounting document that gives a snapshot of an organization's financial state at a given point in time.
Created by: app18976
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