Brooke's Books Flashcards
Accounts Payable
Money owed by a company to its creditors.
Accounts Receivable
Money owed to its company by its vendors.
Aging Report
Tells how long an invoice has been due for payment.
Asset
A useful or valuable thing, person, or quality.
Balance Sheet
a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.
Bank Statement
a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.
Business Transaction
a financial transaction between two or more parties that involves the exchange of goods, money, or services.
Chart of Accounts
an index of all the financial accounts in the general ledger of a company.
Check Stub
the part of a check that is kept by the payee with information such as the check number, date, and amount.
Checkbook Reconciliation
making sure the records you’ve kept for all your spending and income match what the bank says on your physical or online statement.
Checkbook Register
where you record all of the check and cash transactions your business has.
Closing Entries
a journal entry made at the end of the accounting period.
Cloud Accounting
the practice of using an accounting system that’s accessed through the internet.
Deposit Ticket
a list of currency and checks provided by the bank as proof a deposit was made.
EFT
a digital transfer of cash through an online payment system.
