Accounts Payable - Money that is owed by the business to its suppliers., Accounts Receivable - Money that is owed to the business by its customers., Assets - An item that a company or person owns that has monetary value., Book Value - The total value of a business’ assets found on the balance sheet., Equity - The remaining value of a company after all liabilities have been removed., Inventory - represents a company’s goods that remain unsold to its customers., Liabilities - Any debts that a company has yet to pay., Cost of Goods Sold - The cost of production for the goods sold by a company., Depreciation - is when an asset loses value over time., Expenses - money spent by a business in order to generate revenue., Gross Profit - The total amount of profit a company makes after subtracting the costs associated with making and selling its products., Net Income - The amount that is earned by a business in profits, after all costs are deducted., Revenue (Sales) - The income a business makes from its activities, before subtracting any expenses., Cash Flow - Measures how much money is moving into and out of a business during a period of time., Diversification - expanding into new markets or producing new products., Credit - records a sum of money received by a business, and is listed on the right-hand column, Fixed Cost - Business costs that remain the same,, Forecasting - The act of using past data to predict future costs, growth and financial trends., Interest - is a fee for borrowing an asset., Liquidity - The ability to get your hands on money, whenever it is required., Debit - records a sum of money owned by a business,, Overhead - A consistent cost of running a business., Payroll - total amount of money to be paid to employees, Return on Investment - the ability of an investment made to generate income for a business., Variable Cost - Business costs that increase or decrease depending on the volume of a company’s sales or production.,

Accounting

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