| A | B |
|---|
| Books of prime entry | The place in the books of account where a financial transaction is first recorded |
| Sales Day Book | The book of prime entry that records details of sales |
| Petty Cash Book | The book of prime entry that lists small cash business expense payments from an office cash fund |
| Ledger Account | The formal accounting record for financial transactions (often in double-entry format) |
| The Ledger | 'The book' which contains all the individual accounts and subdivided into the General Ledger and Subsidiary Ledgers |
| Receivables | Customers who owe money (also known as debtors) |
| Payables | Supliers a business owes money to (also known as creditors) |
| Capital | The investment made by the owner(s) of a business and owed to them |
| Trial Balance | A list of the balances of all accounts in the general ledger |
| Credit sale | A sale where payment for them is made at a later date |
| Cash sale | A sale (including credit card sales) where a payment is made straightaway |
| Assets | Items owned by a business e.g. office equipment |
| Liabilities | Items owed by a business e.g. a loan |
