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    This document provides definitions and explanations of key accounting terms related to T accounts, the balance sheet, and income statement. It defines debit and credit as entries on the left and right sides of a T account, and lists common balance sheet accounts like assets, liabilities, and equity. It also defines related income statement terms like revenue and expenses. The glossary is intended to serve as a reference for users taking quizzes on accounting topics.

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    MBA Math2

    Original Title

    Glossary2

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    This document provides definitions and explanations of key accounting terms related to T accounts, the balance sheet, and income statement. It defines debit and credit as entries on the left and right sides of a T account, and lists common balance sheet accounts like assets, liabilities, and equity. It also defines related income statement terms like revenue and expenses. The glossary is intended to serve as a reference for users taking quizzes on accounting topics.

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

    Glossary 2

    Uploaded by

    bobblytastic
    This document provides definitions and explanations of key accounting terms related to T accounts, the balance sheet, and income statement. It defines debit and credit as entries on the left and right sides of a T account, and lists common balance sheet accounts like assets, liabilities, and equity. It also defines related income statement terms like revenue and expenses. The glossary is intended to serve as a reference for users taking quizzes on accounting topics.

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    © All Rights Reserved
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    of 2

    (/Dashboard.

    aspx)

    6. T Accounts

    Dashboard > Accounting > T Accounts > Glossary

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

    Debit
    Left-side(/Support/HowtheSiteWorks.aspx)
    Support entry in a balance sheet account

    Credit
    Right-side entry in a balance sheet account

    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, & Equipment


    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
    M i di h f hi h i th
    Money received in exchange for ownership shares in the company

    Retained Earnings
    Company earnings kept in the company rather than returned as dividends

    INCOME STATEMENT TERMS


    Revenue
    Value of goods and services delivered

    Expenses
    Cost of goods and services consumed

    You may access the glossary during quizzes

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