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Introduction to Bookkeeping

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Term
Definition
Account Payable   show
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show involves maintaining financial records for a business, either your own or within the accounting department of another business.  
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show business that performs a service for payment.  
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show a person who records and account for the exchange of money for services, as well as money for goods.  
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Accounting   show
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Account   show
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show the name given to an account.  
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Account Balance   show
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show any activity that occurs in the business that changes part of the accounting equation (assets, liabilities, or owner's equity)  
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show anything of value owned & used in a business.  
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show any money owed.  
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Owner's Equity   show
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Debtor   show
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show Assets = Liabilities - Owner's Equity (left side must always equal the right side)  
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show an entity or person who has lent money.  
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Balance Sheet   show
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