Account Payable - An expense that has been incurred but not yet paid, Account Receivable - Income that has been earned but for which no cash payment has been received., Balance Sheet - A list of the assets (current and noncurrent) and the liabilities (current and noncurrent) of an individual or business. The difference between assets and liabilities is the owner’s equity, net worth, or financial gain or loss., Owner’s equity - The net ownership in a business which is the difference between the assets and liabilities of an individual or business as shown on the balance sheet or financial statement. Comparable to net worth., Net worth - The net ownership of an individual in his/her business; the difference between the assets and liabilities; the owner’s equity in the business. Comparable to owner's equity., Net loss - The result that occurs when expenses exceed the income or total revenue produced for a given period of time., Market Value - The value for which an asset would be sold in an open-market transaction., Liquid Asset - Cash or any asset that can be readily converted to cash.,

Intro to ABF 2.2

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