Accounting Terms

Assets

properties owned by a business enterprise

Equities

the rights or claim to the properties of a business enterprise

Liabilities

debts of the business enterprise

expense

the amount of assets consumed or services used in the process of earning a revenue

revenue

the amount charged to customers for goods sold or services rendered to them

net loss

final figure, expenses exceed revenues

dividend

distribution of earning to the owners

account

form used to record additions and deductions

balance sheet

list of assets, liabilities, and capital as of specific date

income statement

summary of revenue and expenses

accounting equation

relationship between assets, liabilities, and capital