assets

Credit

the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.

Expenses

the cost required for something; the money spent on something.

Income

a monetary gain, usually from the sale of products or services.

Liabilities

the state of being responsible for something, especially by law.

Owners equity

the total assets of an entity, minus its total liabilities.

Income statement

A financial statement that measures a company's financial performance over a specific accounting period.

Balance sheet

A financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time.

Assets

An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity

Debit

an entry recording an amount owed, listed on the left-hand side or column of an account.

Cash

cash is what you use to buy any thing that you either need or want.