Tv 125% DV 11 T Text View Zoom Insert Table Chart Shape Media Comment Collaborate Format Sort & Filter + Terminology List Sheet3 o D E F G H 1 J K L M N 0 P R S A B CIILET number or corresponding uel TICIOTT Term 4 Definition 5 debit try again 1 a financial statement that summarizes the amount of cash and cash equivalents entering and leaving a company 6 n 7 8 8 credit try again 2 a resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide a future benefit 9 assets try again 3 a reduction in the value of an asset with the passage of time, due in particular to wear and tear 10 11 12 liabilities try again 4 a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time owner's equity try again 5 an obligation to, or something that you owe somebody else revenue try again 6 every transaction will involve at least two accounts 13 14 15 16 17 18 19 20 21 expenses try again 7 financial statement that reports the changes in the equity section of the balance sheet during an accounting period accrual basis try again 8 goods that have been completed by the manufacturing process, or purchased in a completed form, but which have not yet been sold to customers. cash basis try again 9 9 left double-entry accounting try again 10 listing of the accounts available in the accounting system in which to record entries balance sheet try again 11 materials or substances used in the primary production or manufacturing of goods 22 23 24 25 26 27 28 29 30 31 32 income statement try again 12 method of recording accounting transactions for revenue and expenses only when the corresponding cash is received or payments are made cash flow statement try again 13 method of recording accounting transactions for revenue when earned and expenses when incurred statement of owners' equity try again 14 partially finished goods awaiting completion 33 34 chart of accounts try again 15 one of a company's core financial statements that shows their profit and loss over a period of time raw material inventory try again 16 represents the owner's investment in the business minus the owner's draws or withdrawals from the business plus the net income WIP inventory try again 17 right 35 36 37 38 39 40 41 42 43 finished goods inventory try again 18 the cost of operations that a company incurs to generate revenue depreciation try again 19 the income generated from normal business operations and includes discounts and deductions for returned merchandise bank reconciliation try again 20 the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement 44 45