| A | B |
|---|
| ACCOUNTING CYCLE | PERIOD |
| BALANCE SHEET | REPORT OF ALL ASSETS, LIABILITIES, AND O/E |
| FISCAL YEAR | ACCOUTING PERIOD OF 12 MONTHS |
| WORKSHEET | WORKING PAPER USED TO COLLECT INFORMATION FROM LEDGER ACCOUNTS |
| GAP | GENERALLY ACCEPTED ACCOUTING PRINCIPLES |
| DEBIT | LEFT |
| CREDIT | CREDIT |
| OWNERS EQUITY | OWNER'S CLAIMS TO THE ASSETS OF THE BUSINESS |
| ASSETS | PROPERTY OR ITEMS OF VALUE OWNER BY THE BUSINESS |
| REVENUE | INCOME EARNED FROM THE SALES OF GOODS AND/OR SERVICES |
| EXPENSE | COST OF GOODS OR SERVICES |
| QUICK RATIO | RELATIONSHIP BETWEEN SHORT-TERM ASSETS AND LIABILITES |
| CPA | CERTIFIED PUBLIC ACCOUNTANT |
| POSTING | TRANSFERING INFORMATION FROM JOURNAL TO LEDGER |
| TRIAL BALANCE | A PROOF OF THE EQUALITY OF TOTAL DEBITS AND CREDITS |
