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accounting I
accounting terms for first year students
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| A | B |
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| asset | anything owned |
| liability | anything owed |
| owners equity | capital |
| revenue | sales |
| chart of accounts | listing of accounts used by the business |
| sole proprietorship | one owner |
| partnership | two or more owners |
| corporation | owned by shareholders |
| customers | accounts receivable ledger |
| vendors | accounts payable ledger |
| document number | proof of transaction |
| general ledger | contains balance for each account |
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