Bookkeeping Vocab Flashcards
Assets
Anything of value that a business or individual owns
Liability
An amount owed by a business (a debt)
Accounts receivable (A/R)
A list of the individuals or business that owe money to a company
Accounts payable (A/P)
A list detailing all money owed by a business (the practices expenses)
Day sheet
A daily record of financial transactions and services rendered
Debit
A charge added to an existing balance
Credit
A payment subtracted from an existing balance
Balance
The difference between debit and credit
Collections
Attempted recovery of a past-due credit obligation or debt by a collection department or agency
Bank deposit slip
A document that shows the amount of money deposited into a person’s or business’s bank account
Bank statement
A record of all transactions for a bank account over a set period, usually monthly
Receipt
A business form giving written acknowledgement for money received
Petty cash
An amount of cash kept on hand and used for making small payments
Petty cash log
A form for keeping track of petty cash- it should include who is using the fund, the date, description of use, the amount that was used and the balance after use
Personal check
A check written from a personal checking account
