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  • Glossary 1

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    This document provides definitions for accounting terms related to T-accounts, journals, balance sheets, assets, liabilities, and equity. It defines a T-account as a visual display of increases and decreases in a balance sheet account. It also defines a journal as a chronological record of transactions with descriptions. Key balance sheet terms defined include assets like cash, accounts receivable, and inventory as well as liabilities such as accounts payable and debt. Equity terms such as paid-in capital and retained earnings are also defined.

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    MBA Math1

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    Glossary1

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    This document provides definitions for accounting terms related to T-accounts, journals, balance sheets, assets, liabilities, and equity. It defines a T-account as a visual display of increases and decreases in a balance sheet account. It also defines a journal as a chronological record of transactions with descriptions. Key balance sheet terms defined include assets like cash, accounts receivable, and inventory as well as liabilities such as accounts payable and debt. Equity terms such as paid-in capital and retained earnings are also defined.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    3 views2 pages

    Glossary 1

    Uploaded by

    bobblytastic
    This document provides definitions for accounting terms related to T-accounts, journals, balance sheets, assets, liabilities, and equity. It defines a T-account as a visual display of increases and decreases in a balance sheet account. It also defines a journal as a chronological record of transactions with descriptions. Key balance sheet terms defined include assets like cash, accounts receivable, and inventory as well as liabilities such as accounts payable and debt. Equity terms such as paid-in capital and retained earnings are also defined.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    (/Dashboard.

    aspx)

    7. Journal

    Dashboard > Accounting > Journal > Glossary

    Glossary
    T Account
    Visual display of increases and decreases in a balance sheet account

    Journal
    Chronological
    Support visual display of transactions including description
    (/Support/HowtheSiteWorks.aspx)

    BALANCE SHEET TERMS


    Assets
    Money and other items the company owns

    Cash
    self-explanatory

    Accounts Receivable
    Amount that customers owe the company

    Inventory
    Completed products, partially-completed products, and product supplies

    Property, Plant, and Equipment (PP&E)


    self-explanatory

    Liabilities
    Borrowing from non-owners

    Accounts Payable
    Amount that company owes for goods and services

    Debt
    Amount company has borrowed (primarily from banks)

    Equity
    Funding from owners

    Paid-In Capital
    Money received in exchange for ownership shares in the company

    Retained Earnings
    C i k t i th th th t d di id d
    Company earnings kept in the company rather than returned as dividends

    You may access the glossary during quizzes

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