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Financial investment in a business; equity

An outflow of cash, use of other assets, or incurring of a liability

Property owned by a business

An arrangement to allow payment at a later date; also called a charge account or open-account credit

A formal report of business operations covering a specific period of time; also called a profit and loss statement or a statement of income and expenses

Debts or obligations of a business

Claims for future collection from customers

A formal report of business’s financial condition on a certain date; reports the assets, liabilities, and owner’s equity of the business

This is the word bank for the vocabulary test: See the first question below the word bank please. accounts payable accounts receivableassetsbalance sheetbreak evenbusiness transactioncapitalequityexpensefair market valuefundamental accounting equationincome statementliabilitiesnet incomenet losson accountowner’s equityrevenuestatement of owner’s equitywithdrawals     Amounts a business must pay in the future

The financial interest of the owner of a business; also called proprietorship or net wort