Category: Uncategorized

Funds taken from the business by the owner for personal use

The result of an excess of expenses over revenue

A point at which revenue equals expenses

An inflow of money or other assets that results from the sales of goods or services or from the use of money or property; also called income

A formal report of changes that occurred in the owner’s financial interest during a reporting period

The current worth of an asset or the price the asset would bring if sold on the open market

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