Asset - An item of property owned by a person or company, regarded as having value, Liability - The state of being legally responsible for something, Depreciation - A reduction in the value of an asset over time, Petty Cash - An accessible store of money kept by an organization for expenditure on small items., Budget - An estimate of income and expenditure for a set period of time, Revenue - Income, especially when of an organization and of a substantial nature, Profit - A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something., Collateral - Something pledged as security for repayment of a loan, to be forfeited in the event of a default., Overhead - A cost or expense.,

Financial Records Terminology

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