Tech Terms

1. - A list of all accounts used by a business
4. - an event that involves a financial transaction between different parties.
7. - Taking money out of an account
8. - Manual or electronic, accounts are grouped together in a ledger
10. - Accounting term for the financial claims to assets.
12. - Detailed record of all money that a business or person receives and spends
14. claim - A legal right to an item
16. - The assests and liabilities of a business
17. - a system that is employed in a company to organize financial information.
18. - the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers.
21. - Generally accepted accounting principles
22. - the process of recording, summarizing, and reporting a company's business transactions through financial statements
23. - The owner’s claims to the assets of the business
24. - The creditor’s claims to the assets of the business
25. Equation - Assets = Liabilities + Owner’s Financial Claim

2. - money owed by a business to its suppliers shown as a liability on a company's balance sheet.
3. - When you buy something and agree to pay for it later
4. - an organization created by an individual or individuals to conduct business, engage in a trade or partake in similar activities.
5. - a plan to put money to work today in hopes of obtaining a greater amount of money in the future.
6. - Anything of value that a person or business owns and therefore controls
9. - the process of identifying, analyzing, interpreting and communicating information to managers to help achieve business goals.
11. - money made
13. - Income is the consumption and saving opportunity gained by an entity within a specified timeframe
15. balance - Always on the side used to record increases to the account
19. - The business or person selling you the item on credit
20. - the cost required for something