Common terms in accounting
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[{"term":"Things that a company or individual owns that have value, such as property, investments, or cash in hand. ","def":"Assets"},{"term":"Money that a company or individual owes, such as loans or unpaid bills.","def":"Liabilities"},{"term":"The value of a company’s assets minus its liabilities, representing the ownership interest in the company. ","def":"Equity "},{"term":"The total income earned by a company from its operations, usually from the sale of goods or services. ","def":"Revenue"},{"term":"The costs incurred by a company in order to generate revenue, such as salaries, rent, or supplies. ","def":"Expenses"},{"term":"The amount of money left over after expenses have been deducted from revenue.","def":"Profit"},{"term":" The amount of money lost when expenses exceed revenue. ","def":"Loss"},{"term":"A financial statement that lists a company’s assets, liabilities, and equity at a specific point in time. ","def":"Balance Sheet"},{"term":"A financial statement that shows a company’s revenue, expenses, and profit or loss over a period of time. ","def":"Income Statement"},{"term":"The movement of money into and out of a company, usually over a period of time.","def":"Cash Flow"},{"term":"A financial plan that lists a company’s expected income and expenses over a period of time. ","def":"Budget"},{"term":"A process of examining a company’s financial records to ensure accuracy and compliance with regulations. ","def":"Audit"},{"term":"A prediction of a company’s financial performance based on past data and future trends. ","def":"Forecast"},{"term":"The act of putting money into something with the expectation of making a profit or gaining a return. ","def":"Investment"},{"term":" Money invested in a business or used to start a business. ","def":"Capital"}]