Accounting - The systematic process of recording and reporting the financial position of the company. , GAAP-Generally Accepted Accounting Principles - A set of rules that a set of rules followed by all accountants, Property - Anything of value that is owned or controlled, Assets - Proper and other items of value OWNED by a business, Current Asset - Asset that are either used up or converted to cash during the normal cycle of the business (1 year), Accounts Receivable - Total amount of money owed to a business. , Owners Equity - Present value of an asset less all claims against it, Liabilities -  Something a person or company owes, usually a sum of money, Accounts Payable - Represents the short-term liabilities that a business owes to creditors, Accounting Equation - A rule that states that assets must always equal the sum of liabilities and owner's equity, Revenue - All money coming in from the sale of goods or services, Expense - The cost incurred for something; the money spent on operating a business., Accounting Equation - The fundamental equation of accounting, represented as Assets = Liabilities + Owner’s Equity., Property - Any physical or intangible item of value that is owned by an individual or business, which can include real estate, equipment, inventory, or intellectual property., Audit - An examination of financial information to ensure accuracy and compliance with accounting standards.,

Accounting Vocabulary

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