Accrurals:

- One of the types of adjusting entries that are made at the end of the accounting period in order to report (1) revenues that have been earned but have not yet been entered into the accounting records, and/or (2) expenses that have been incurred but have not yet been entered into the accounting records.

Assets:

- Things that are resources owned by a company and which have future economic value that can be measured and can be expressed in dollars.

Balance Sheet:

- One of the main financial statements. The balance sheet reports the assets, liabilities, and owner's (stockholders') equity at a specific point in time.

Bank Recociliation:

- the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.

Bookkeeper:

- a person employed to record financial transactions for companies

- The recording of a company's transactions into the accounts contained in the general ledger.

Cash basis:

- An accounting method wherein revenues are recognized when cash is received and expenses are recognized when paid.

Chart of Accounts:

-a listing of all accounts used in the general ledger of an organization.

Credits:

-an accounting entry that either increases a liability or equity account, or decreases an asset or expense account.

Debits:

- an accounting entry that either increases an asset or expense account, or decreases a liability or equity account

Depreciation:

- the decrease in the value of assets and the method used to reallocate, or "write down" the cost of a tangible asset (such as equipment) over its useful life span. 

Double Entry Accounting:

- accounting system where every transaction is recorded into at least two accounts. (Credits and Debits)

- the difference between the value of the assets and the value of the liabilities of something owned.

Expenses:

- the money spent, or costs incurred, by a business in their effort to generate revenues.

Income:

- the revenue a business earns from selling its goods and services

Income Statement: (Profit & Loss)

- reports the revenues, gains, expenses, losses, net income and other totals for the period of time shown in the heading of the statement.

Journal:

-  a record of financial transactions in order by date

Journal Entry:

- used to record a business transaction in the accounting records of a business

Liability:

-  a company's legal financial debts or obligations that arise during the course of business operations.

Loss:

- a decrease in net income that is outside the normal operations of the business

Single Entry System:

- a form of recording financial transactions. It is the system, which does not record two aspects or accounts of all the financial transactions.

T-Account:

- A visual aid used by accountants to illustrate a journal entry's effect on the general ledger accounts. Debit amounts are entered on the left side of the "T" and credit amounts are entered on the right side

Trial Balance:

- A listing of the accounts in the general ledger along with each account's balance in the appropriate debit or credit column. The total of the amounts in the debit column should equal the total of the amounts in the credit column.