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    Abm Terms

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    Axelia
    Accounts payable are amounts a company owes to vendors for goods and services received but not yet paid for. Accounts receivable are amounts owed to a company by customers who have purchased but not paid for goods or services. The balance sheet shows a company's assets, liabilities, and equity at a point in time.

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    Abm Terms

    Uploaded by

    Axelia
    79 views2 pages
    Accounts payable are amounts a company owes to vendors for goods and services received but not yet paid for. Accounts receivable are amounts owed to a company by customers who have purchased but not paid for goods or services. The balance sheet shows a company's assets, liabilities, and equity at a point in time.

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    Accounts payable are amounts a company owes to vendors for goods and services received but not yet paid for. Accounts receivable are amounts owed to a company by customers who have purchased but not paid for goods or services. The balance sheet shows a company's assets, liabilities, and equity at a point in time.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    79 views2 pages

    Abm Terms

    Uploaded by

    Axelia
    Accounts payable are amounts a company owes to vendors for goods and services received but not yet paid for. Accounts receivable are amounts owed to a company by customers who have purchased but not paid for goods or services. The balance sheet shows a company's assets, liabilities, and equity at a point in time.

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    © All Rights Reserved
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    A Creditors – refers to the party that has delivered a product,

    service or loan, and is owed money by one or more debtors.


    Accounts payable - the amount of money that a company
    owes to other businesses for goods or services received that D
    have not yet been paid for. The sum of all outstanding amounts
    Debit - is an accounting entry that either increases an asset or
    owed to vendors is shown as the accounts payable balance on
    expense account, or decreases a liability or equity account. It is
    the company's balance sheet.
    positioned to the left in an accounting entry.
    Accounts receivable - the amount of money that's owed to a
    Debtor – is a company or individual who owes money to a
    company for goods or services rendered that customers/clients
    creditor, and is also often referred to as a borrower.
    have ordered but not paid for.
    Acquisition – is when one company purchases most or all of
    another company's shares to gain control of that company. E
    Asset - is any resource owned by a business or an economic Equity - is ownership of assets that may have debts or other
    entity. It is anything that can be owned or controlled to produce liabilities attached to them. Equity is measured for accounting
    value and that is held by an economic entity and that could purposes by subtracting liabilities from the value of an asset.
    produce positive economic value.
    Expense - is an outflow of money, or any form of fortune in
    B general, to another person or group to pay for an item or
    service, or for a category of costs.
    Balance sheet – shows what a company owns (assets) and
    owes (liabilities) at a specific moment in time; it shows a I
    company's total value.
    Income – is the consumption and saving opportunity gained by
    C an entity within a specified timeframe, which is generally
    expressed in monetary terms.
    Capital – is a term for financial assets, such as funds held in
    deposit accounts and/or funds obtained from special financing Income statement – shows total revenues and expenses for a
    sources. period of time; it shows whether a company is generating a
    profit or a loss.
    Commerce – the exchange of goods and services, especially
    on a large scale. L
    Commodity – a raw material or primary agricultural product that Liability - is defined as the future sacrifices of economic
    can be bought and sold, such as copper or coffee benefits that the entity is obliged to make to other entities as a
    Credit – is an accounting entry that either increases a liability or result of past transactions or other past events.
    equity account, or decreases an asset or expense account. N
    Notes payable – is a liability as it records the value a business
    owes in promissory notes.
    Notes receivable – are an asset as they record the value that a
    business is owed in promissory notes.

    P
    Payable – debts owed by a business; liabilities.
    Professional fees – are prices charged by individuals specially
    trained in specific fields; usually an income account used by a
    professional firm in recording its revenues.
    Promissory notes – a legal instrument, in which one party
    promises in writing to pay a determinate sum of money to the
    other, either at a fixed or determinable future time.

    R
    Receivable – amounts owed to a business, regarded as assets.

    T
    Transaction - an instance of buying or selling something; a
    business deal.

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