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AccountingRecording, summarizing and analyzing business transactions
CashMoney on hand and in the bank
BalanceSheetA record that shows how the assets, liabilities and owner's equity of a business fit together.
LiabilitiesThe debts of a business
AssetsItems of value owned by a business
MorgagePayableA long-term debt usually made to pay for a building or property.
AccountReceivableAn amount owed to a business by a customer goods or services bought on credit.
FundamentalElementsAssets, liabilities and owner's equity
Owner'sEquityThe difference between a business's assets and liabilities
CreditorA business or a person to whom money is owed.
TwoThe minimum number of accounts that change with each transaction.
CreditThe right side of an account
DebitBalanceWhen total debits are larger than total credis
IncreasesEntries recorded on the credit side of liability accounts.
Owner'sEquityOne type of account that is listed on the right side of the balance sheet
TAccountThe simplest form of an account.
DecreasesEntries recorded on the debit side of liability accounts.
IncreasesEntries recorded on the debit side of asset accounts.
DebitingEntering an amount of the left side of an account
AccountA record containing financial information for one item only.

Elaine Thompson

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