| A | B |
|---|
| Financial statements | Summaries of accounting information; records that show a business’s financial activities |
| Income | The money received by resource owners and by producers for supplying goods and services to customers |
| Income statement | A financial summary that shows how much money the business has made or has lost over a period of time; also called the profit-and-loss statement |
| Journal | A special book or computer program in which a business’s transactions are recorded in the order in which they occur |
| Ledger | The accounting record for a specific department or area of the business |
| Liabilities | Debts, usually money, owed |
| Managerial accounting | A type of accounting that involves preparing and reporting financial data to internal users, usually managers, who need financial information to control day-to-day operations and to make financial decisions and plans affecting the business |
| Investors | Those who invest their funds in a business; may be owners or stockholders |
