Shared Flashcard Set

Details

Accounting
Financial report vocabulary
12
Business
7th Grade
03/02/2011

Additional Business Flashcards

 


 

Cards

Term
Assets
Definition
Things owned
Term
Liabilities
Definition
Things owed
Term
Revenue
Definition
Money that a company earns
Term
Expenses
Definition
The cost of doing business
Term
Balance Sheet
Definition
A report showing all assets, liabilitites, and owner's equity in a business as of a specifice date
Term
Income Statement
Definition
A report showing revenue, expenses and net income (profit) or loss of a business for a specific period of time
Term
loss
Definition
a valued amount that is lost in a business
Term
Profit
Definition
A gain made when income is higher than expenses
Term
Employee
Definition
One who is hired by a company for a salary or other compensations
Term
Employer
Definition
One who hires and fires a person for certain wages
Term
Income
Definition
Payment in money for services, labor and/or investments
Term
payroll
Definition
A list of the workers to be paid by a company, and the amount that each one is to be paid.
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