Asset - Something a person or business owns that has value, Liability - Money a person or business owes to others., Income - Money earned or received, such as wages or sales., Expense - Money spent to keep the business running., Owner's Equity - The value of the business after all debts are paid., Loan - Money borrowed that must be repaid., Equipment - Physical items like laptops or machinery used in a business (an asset)., Rent - A regular payment for using a space (an expense)., Bank Account - A place to store money – considered a liquid asset, Wages - Money paid to employees for their work (an expense)., Sales Revenue - Money a business earns from selling goods or services (income)., Utility Bill - An expense for power, gas or water services., Car - An asset if owned by the business or individual., Credit Card Debt - A liability that must be repaid with interest., Inventory - Goods the business plans to sell – a current asset., Capital - The money an owner puts into the business (part of owner’s equity).,

Accounting Terms & Definitions

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