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    Accounts refer to sections of the general ledger with similar entries. Key accounts include accounts payable, accounts receivable, accounts written off, and accrued expenses. The balance sheet contains records of all business assets, liabilities, and equity. The cash flow statement reports the sources and uses of cash over a period of time. Debits and credits are entries that increase or decrease accounts to track expenses, revenues, assets, and liabilities.

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    Accounts refer to sections of the general ledger with similar entries. Key accounts include accounts payable, accounts receivable, accounts written off, and accrued expenses. The balance sheet contains records of all business assets, liabilities, and equity. The cash flow statement reports the sources and uses of cash over a period of time. Debits and credits are entries that increase or decrease accounts to track expenses, revenues, assets, and liabilities.

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    6 views1 page

    Term Paper

    Uploaded by

    Shafayat Rahman
    Accounts refer to sections of the general ledger with similar entries. Key accounts include accounts payable, accounts receivable, accounts written off, and accrued expenses. The balance sheet contains records of all business assets, liabilities, and equity. The cash flow statement reports the sources and uses of cash over a period of time. Debits and credits are entries that increase or decrease accounts to track expenses, revenues, assets, and liabilities.

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    of 1

    1.

    Account : A section of General Ledger with similar entries


    2. Accounts Payable (AP): Accounts Payable commonly known as AP refers to all accrued expenses
    in a business that has not been cleared yet.
    3. Accounts Receivable (AR): When a business offers sales without receiving payment upon supply,
    it is recorded in accounts receivable.
    4. Accounts Written Off: An Accounts Written Off is a debt that the business considers
    irrecoverable, and therefore counts it as a loss.
    5. Allocation: Allocation is the process of distributing funds to different departments or sections for
    a given period.
    6. Audit Trail: An audit trail is the tracking of all transactions from their source.
    7. Accrued Expense: An accrued expense is that expense a business incurs but is yet to be paid for.
    8. Asset: This refers to all valuable property, material or immaterial owned by a business and which
    are recorded from the most liquid to the least liquid.
    9. Balance Sheet: This is a document that contains all records of business assets, liabilities, and
    equity.
    10. Cash Flow (CF): This term refers to the total amount of cash coming in and out of the business.
    11. Cash Flow Statement: The Cash Flow Statement or statement of cash flows is a report of a
    business’s sources and uses of cash during a specified period.
    12. Credit: A credit is an entry in the right-hand column of books of accounts and depicts an
    increase in revenue, equity or liability.
    13. Debit: A debit is an entry on the left side of the account and depicts an increase in expenses and
    assets.
    14. Depreciation (Dep): This is the loss of value of a companies’ asset over a given period.
    15. Entry: An amount recorded in an Account as debit or credit.

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