BAF 3M – Basic Terms to Know



BAF 3M – Basic Terms to Know!

Define the following terms in the space provided. These are terms that we will use throughout the course. Feel free to use your textbook or the internet to find the answer, but be sure to put the answer as simple as possible in your own words.

Accounting -

Account -

Accounting Period –

Asset -

Liability -

Owners Equity –

Double entry accounting –

Debit -

Credit -

Budget -

Stock/shares -

Shareholder -

Capital -

GAAP -

Cash -

Creditor -

Net income -

Payroll -

Profit -

Net loss -

Sales -

Audit -

Insolvent -

Financial Statements –

Cost -

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