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Name: Gabriela Andrade González

Course: 10:30-13:00 pm

English Module 7
Terms

1. Accounts: Are the financial records of a business. All business transactions are recorded in
the accounts, which are then aggregated into the financial statements. The accounts may be
examined on an annual basis by auditors, to determine whether an entity's financial
statements present fairly its financial results and condition.
2. Expense: An arrangement in which your employer will pay for the things you need to buy
while doing your job.
An expense is a cost that occurs as part of a company's operating activities during a specified
accounting period.
3. Transactions: An occasion when someone buys or sells something, or when money is
exchanged or the activity of buying or selling something.
4. Liability: A liability is a legally binding obligation payable to another entity. Liabilities are
incurred in order to fund the ongoing activities of a business. Examples of liabilities are
accounts payable, accrued expenses, wages payable, and taxes payable. These obligations
are eventually settled through the transfer of cash or other assets to the other party.
5. General ledger: A general ledger account is a record in which is recorded a specific type of
transaction. These transactions can relate to assets, liabilities, equity, sales, expenses, gains,
or losses - in essence, all of the transactions that are aggregated into the balance sheet and
income statement.
6. Investments: An investment is a payment made to acquire the securities of other entities,
with the objective of earning a return. Examples are bonds, common stock, and preferred
stock.
7. Asset: Is Anything tangible or intangible that can be owned or controlled to produce value
and that is held by a company to produce positive economic value. Simply stated, assets
represent value of ownership that can be converted into cash.
8. Revenue: Is a money that a company receives, especially from selling goods or services.
9. Withdrawals: Withdrawals or owner withdrawals are payments from an owner’s share in a
company. In other words, its money the owner took out of the company to use for personal
expenses.

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