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  • Accounting Vocabulary: Balance Sheet

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    Yuleidys Meza R
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    A balance sheet summarizes a company's financial condition at a point in time, including assets like cash or liquid assets that can be easily converted to cash, as well as liabilities or debts owed. Key accounting terms also include net income, the money remaining after expenses and taxes; property that is legally owned; and payroll, a list of employee wages. Equity refers to either stock or net worth, while journals initially record transactions and cash flow tracks receipts versus payments over time minus expenses for goods and services.

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    Vocabulario cotable

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    Accounting Vocabulary

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    A balance sheet summarizes a company's financial condition at a point in time, including assets like cash or liquid assets that can be easily converted to cash, as well as liabilities or debts owed. Key accounting terms also include net income, the money remaining after expenses and taxes; property that is legally owned; and payroll, a list of employee wages. Equity refers to either stock or net worth, while journals initially record transactions and cash flow tracks receipts versus payments over time minus expenses for goods and services.

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    7 views1 page

    Accounting Vocabulary: Balance Sheet

    Uploaded by

    Yuleidys Meza R
    A balance sheet summarizes a company's financial condition at a point in time, including assets like cash or liquid assets that can be easily converted to cash, as well as liabilities or debts owed. Key accounting terms also include net income, the money remaining after expenses and taxes; property that is legally owned; and payroll, a list of employee wages. Equity refers to either stock or net worth, while journals initially record transactions and cash flow tracks receipts versus payments over time minus expenses for goods and services.

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    ACCOUNTING VOCABULARY

    Balance sheet
    A detailed summary of a person's or a company's financial condition at a
    specific point in time, taking into account their assets, liabilities, etc.
    Liquid assets
    Cash or something that is easily convertible into cash

    Liability
    An obligation to settle a debt; money owed to someone
    Net income
    Money remaining after all expenses and taxes have been paid

    Property
    Something that is legally owned by a person or company
    Payroll
    A list of all employees and their wages
    Equity
    This word has 2 meanings: "stock (shares)" and "net worth"
    Journal
    An accounting record where all business transactions are INITIALLY entered
    Cash flow
    The balance of cash receipts minus cash payments over a given period of time
    Expense
    Money that is spent to purchase goods or services provided by someone else

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