Net Loss - When expenses are greater than revenue you have a , Asset - Anything you own, Sales - An example of Revenue, Money in the bank - An example of asset, Inventory - A complete list of items in a building that a company owns, Interest - charge for using money until repaid at a future date, Liability - When the business owes money, Drawings - The money the owner withdraws from the bank which affects owner's equity, Income or revenue - Money received by the company for selling goods or services, Income Statement - A report that shows business's profit or loss, Expenses - The cost of operations that a company incurs, Cost of sales  - The total cost to create a product or service, Owner's Equity - capital + profit - losses - drawings = Net Assetss, GST - Goods and services tax, capital - The amount invested in the business by the owner, Loan - Money that the business has borrowed from someone, credit - Increases a liability account such as loans payable, debit - Increases either an asset account like cash or an expense,

Basic Accounting Terminology -

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