| A | B |
|---|
| payroll | a list of all employees and their wages |
| journal | an accounting record where all business transactions are INITIALLY entered |
| expense | money that is spent to purchase goods or services provided by someone else |
| balance sheet | a detailed summary of a person's or a company's financial condition at a specific point in time, taking into account their assets, liabilities, etc |
| property | something that is legally owned by a person or company |
| liability | an obligation to settle a debt; money owed to someone |
| equity | this word has 2 meanings: "stock (shares)" and "net worth" |
| cash flow | the balance of cash receipts minus cash payments over a given period of time |
| liquid asstes | cash or something that is easily convertible into cash |
| net income | money remaining after all expenses and taxes have been paid |
