| A | B |
|---|
| Calendar Year | Begins Jan 1 to Dec 31 |
| Assets | Property valued owned by business |
| Accounts Payable | Amt. Money owned to creditors |
| Accounts Recievable | Amt. money owned to business |
| Accounting Period | Period of time covered by acounting report |
| Business Transaction | Buying, selling or exchange of goods that effects assets, lialbilties or owners equity. |
| Correcting entry | Entry made to correctan error in the journal entry. |
| Credit | Agreement to pay for a purchaseat a later time. |
| Current Assests | Assests that are used up or converted to cash. |
| Current Liabilities | Debts of the business must be paid within the next accounting period. |
| Debit | An amount entered on the left side of the T account. |
| Expense | The cost of goods or services |
| General Journal | An all-purpose journal in which all the transactions of the business may be recorded. |
| General Ledger | The group of accounts used by a business |
| Journalization | The process of recording business transactions in a journal. |
