| SUM | A figure, calculation or total; usually of money |
| MOXIE | The ability to face challenges with courage, knowledge, determination, skill, fortitude, and spunk |
| ACCOUNT | A record that tracks the financial sum of an asset, liability, expense, or revenue item based on the increase or decrease of a transaction |
| ACCOUNTING | The process of classifying, recording, and maintaining financial books for a business or individual and summarizing activities into financial statements |
| ACCOUNT PAYABLE | A debt or outstanding balance owed for products or services due to a creditor (vendor) – the opposite of account receivable |
| ACCOUNT RECEIVABLE | Uncollected amount due from products or services sold on credit to a debtor (client) – the opposite of accounts payable |
| ACCOUNTANT | A person who audits financial transactions and prepares taxes for an individual or company |
| ASSET | An item or property owned by a business or individual which has value – the opposite of a liability |
| BALANCE SHEET | A financial report that calculates assets, liabilities, and equity of a company and shows how they balance and equal |
| BANK RECONCILIATION | Calculating the difference between the balance of a bank statement and the currant book balance |
| BOOKKEEPING | The act of keeping records of financial transactions |
| BUDGET | A projected financial plan for the sum of income and expense for a given time period in the future
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| BUDGETING | Planning phase when determining the sum of money desired for given income and expenses based on projections compared to actual monies spent and receive by a business or individuals |
| CASH FLOWS | The net sum used to indicate the internal funds available during a specific accounting period |
| CHART OF ACCOUNTS | A compiled list of all bank, liability, asset, equity, cost of goods sold, and expense accounts for a business |
| COST OF GOODS SOLD | The price of purchased raw materials to create a finished product for sale – not to be confused with an expense |
| CLIENT/CUSTOMER | An individual or company that purchases a product or service – the opposite of a vendor |
| CREDITOR | A person or entity to whom a debt of money is owed by another – the opposite of a debtor |
| DEBTOR | A person or entity who owes a debt of money to another – the opposite of a creditor |
| EQUITY | The right, claim or interest of the owner in a property or business |
| EXPENSE | Purchase or charge associated with operating a business – not to be confused with cost of goods sold |
| GROSS PROFIT | Total of revenue less cost of goods sold |
| INCOME STATEMENT | A report that indicates if a company has a net loss or a net profit. This is determined by the amount of revenue minus expenses for a specific period of time |
| INTERNAL AUDIT | An examination of the records and procedures of a business to determine if currant procedures and policies are being followed does not need to be conducted by an accountant |
| LIABILITY | A debt of money or obligation owed by a business or individual – the opposite of an asset |
| NET INCOME | The amount of excess money from revenues and gains over expenses for a given period of time – the opposite of net loss |
| NET LOSS | The amount of excess money from expenses over revenues and gains for a given period of time – the opposite of net income |
| REVENUE | A source of income received in exchange for goods and services sold to a client/customer |
| TRANSACTION | An agreement or exchange of services or money recorded by an entry in the company’s books |
| VENDOR | An individual or company that provides a service or sells something – the opposite of client/customer |
