| A | B |
|---|
| accounting period | A period of time covered by an accounting report. |
| Calendar year | Period for whcih a business begins on January 1 and ends on December 31 |
| Capital | money supplied by investors, banks, or owners of a business. |
| Commission | An amount paid to an employee based on a percentage of the employee's sales. |
| Credit | An agreement to pay for a purchase at a later time. |
| Debit | An amount entered on the left side of the T account. |
| Due Dates | the date by which an invoice must be paid |
| Financial claims | Legal rights to an item. |
| General journal | An all-purpose journal in which all the transactions of a business may be recorded. |
| General Ledger | The group of accounts used by a business. |
| Cooking the books | Eraseing the transactions that you already entered |
| Fisical year | An accounting period of twelve months. |
| Inventory | The items of merchandise a business has in stock. |
| Interest | The fee charged for the use of money. |
| Loss | the result of a company's spending more than it receives in revenue. |
