To account (for something)		These are the the businesses and/or people that owe money to the business.
An accountant		This is a debt of the business.
Financial Statements		To keep a record of something in your business by using the accountancy system.
The Accounting Equation		This is the value of the assets that the owner of a business can lay claim to.
Assets		This is also known as Assets equals Equity plus Liabilities.
Equity		This is a possession of a business that will bring the business benefits in the future.
Liabilities		The person in charge of collecting, recording, categorizing and presenting the accounting information of a business.
Debtors (Accounts receivable)		These are the most important reports of a business.