Business Vocabulary

3. An Asset you plan on keeping
5. Any business entity or Individual that is paid through Accounts Payable.
9. Charges incurred for the purpose of running the business
10. Tracks Cash coming in & our of your company
13. Money you owed to Vendors
16. Financial Statement that shows Assets & Liabiities
17. Line Item in General Ledger
18. Something you own
19. Either an increase in an Asset; a decrease in a liability, or a reduction in revenue.
20. Something you plan to pay in the near future
22. A Financial Plan serving as an estimate of Revenues & Expenses.
23. Something you plant after 12 months
24. Any (12) consecutive months that a business uses to provide their annual budgets and reports.

1. A listing of Accounts being tracked and reported by the business.
2. Money that is owed to you by customers
4. Shows the Profitability of a business during a specific period of time
6. Any source of income for a business.
7. Either an increase in a liability; a decrease in an asset; or a reduction in expenses
8. Any event that includes an exchange of funds between two parties
11. Statements These are used to track the profitability and credit worthiness of a business during a specific period of time.
12. The General Ledger of a company is what provides the detailed entries for the Balance Sheet, Income Statement and Cash Flow Statements
14. Any business entity or individual that acquires products/services from your business..
15. An Asset you plan on selling soon
21. Something you owe