CHAPTER 8 - ACCOUNTING - VOCABULARY
Define the following terms found in your textbook pages 176-195
TERM
Accounting
Transaction
Accountability
Bookkeeping
Invoices
Annual report
Service
business
Retail
business
Credit
Fiscal year
Cost of goods
sold
Net income
Assets
Page Definition
Accounts
Receivable
Liquidity
Liabilities
Accounts
Payable
Owner’s
Equity
Shareholder’s
Equity
The
Accounting
Equation #1
The
Accounting
Equation #2
Income
Statement
Gross Profit
Operating
Expenses
Net Profit
Cash Flow
NOTE - Not ALL terms from the Chapter are recorded here. You are only responsible for the terms listed
above.