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Accounting Vocabulary 1

Melanie Yalcinkaya

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.

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