A Account: A record of a business transaction. A contract arrangement, written or unwritten, to purchase and take delivery with payment to be made later as arranged. Account balance: The difference between the debit and the credit sides of an account. Accountant: One who is skilled at keeping business records. Usually, a highly trained professional rather than one who keeps books. An accountant can set up the books needed for a business to operate and help the owner understand them. Accounting period: A time interval at the end of which an analysis is made of the information contained in the bookkeeping records. Also the period of time covered by the profit and loss statement. Accounts payable: Money which you owe to an individual or business for goods or services that have been received but not yet paid for. Accounts receivable: Money owed to your business for goods or services that have beendelivered but not yet paid for. |
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