Asset - Is any resource owned or controlled by a business or an economic entity., Liabilities - Are debts and obligations of the business., Double-entry bookkeeping - A method of bookkeeping that relies on a two-sided accounting entry to maintain financial information., Equity - Is ownership of assets that may have debts or other liabilities attached to them., Financial statements - Are formal records of the financial activities and position of a business, person, or other entity., Balance sheet - Is a summary of the financial balances of an individual or organization, Profit and loss statement - Is one of the financial statements of a company and shows the company's revenues and expenses during a particular period., Cash flow statement - Summarises the amount of cash and cash equivalents entering and leaving a company., Chart of accounts - Is a list of financial accounts set up, usually by an accountant, for an organization, and available for use by the bookkeeper for recording transactions in the organization's general ledger., Fixed costs - Also known as indirect costs or overhead costs, are business expenses that are not dependent on the level of goods or services produced by the business., Variable costs - Are costs that change as the quantity of the good or service that a business produces changes., Journal - A detailed account of all the financial transactions of a business., Ledger - Is a book or collection of accounts in which account transactions are recorded., Ageing summary - Refers to a summary of all receivables due from customers at any given point in time., GST tax - Is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia., Cash accounting - Is an accounting method where payment receipts are recorded during the period in which they are received, and expenses are recorded in the period in which they are actually paid., Accrual accounting - Is an accounting method where revenue or expenses are recorded when a transaction occurs versus when payment is received or made.,

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