Keywords
1. Assets : In financial accounting, an asset is any resource owned or controlled by a business or an economic entity.
It is anything that can be used to produce positive economic value. Assets represent value of ownership that can
be converted into cash.
2. Liabilities : In financial accounting it is future sacrifices of economic benefits that the entity is obliged to make to
other entities as a result of past transactions or other past events,[1] the settlement of which may result in the
transfer or use of assets, provision of services or other yielding of economic benefits in the future.
3. Capital : It is any economic resource measured in terms of money used by entrepreneurs and businesses to buy
what they need to make their products or to provide their services to the sector of the economy upon which
their operation is based.
4. Profit : Profit, in accounting, is an income distributed to the owner in a profitable market production process
(business). Profit is a measure of profitability which is the owner's major interest in the income-formation
process of market production.
5. Expense : An expense is an item requiring an outflow of money, or any form of fortune in general, to another
person or group as payment for an item, service, or other category of costs.
6. Income : Income is the consumption and saving opportunity gained by an entity within a specified timeframe,
which is generally expressed in monetary terms.
7. Debtor : A debtor or debitor is a legal entity (legal person) that owes a debt to another entity.
8. Creditor : A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on
the services of a second party.
9. Cost : Cost is the value of money that has been used up to produce something or deliver a service, and hence is
not available for use anymore.
10. Price : A price is the (usually not negative) quantity of payment or compensation expected, required, or given by
one party to another in return for goods or services.
11. Margin It is the fraction of revenue that is left after paying expenses.
12. Sales : Sales are activities related to selling or the number of goods sold in a given targeted time period.
13. Revenue : In accounting, revenue is the total amount of income generated by the sale of goods and
services related to the primary operations of the business.
14. Discount : It is reductions to a basic price of goods or services.
15. Financial period : It is a one-year period that companies and governments use for financial reporting and
budgeting. It is most commonly used for accounting purposes to prepare financial statements.
16. Tax : A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer by a governmental
organization in order to collectively fund government spending, public expenditures, or as a way to regulate and
reduce negative externalities.
17. Drawings : Withdrawal of certain portion of capital by owners.
18. Shareholder : A shareholder of corporate stock refers to an individual or legal entity (such as
another corporation, a body politic, a trust or partnership) that is registered by the corporation as the legal
owner of shares of the share capital of a public or private corporation.
19. Vendor : A vendor is a supply chain management term that means anyone who provides goods or services of
experience to another entity.
20. Owner : In terms of financial accounting is the person who owns a particular entity.
21. Budget : A budget is a calculation plan, usually but not always financial, for a defined period, often one year or a
month.
22. Invoice : An invoice, bill or tab is a commercial document issued by a seller to a buyer relating to a sale
transaction and indicating the products, quantities, and agreed-upon prices for products or services the seller
had provided the buyer.
