Accounting and Financial Statements

delay or postponed until a later time

• deferred

• payable

• retained

adjective describing something without a material existence, which you can't touch

• tangible

• intangible

• current

an entry in an account, recording a payment made

• debit

• debt

• credit

anything owned by a business-cash, buildings, machines, equipment, etc.

• revenue

• income

• asset

all the money that a business spends on goods or services during a given period

• liabilities

• debts

• expenditure

all the money received from business activities during a given period

• transactions

• assets

• income

a financial operating plan showing expected income and expenditure

• budget

• account

• financial statement

all the money that a company will have to pay to someone else in the future including debts, taxes, and interest payments

• debits

• expenditure

• liabilities

an entry in an account, recording a payment received

• credit

• debit

• income

adjective describing a liability that has been incurred but not yet invoiced to the company

• accrued

• deferred

• receivable