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Accounting Unit 2

Horizontales
An account used to record the owner’s equity in a business
An exchange of value that can be measured and that affects the accounting equation.
The current balance of all money owed to a company for goods and/or services it sold to its customers, but that haven’t yet been paid for by its customers.
The money generated from all sales of goods and services over a certain time period; it is calculated by multiplying the average sales price by the number of units sold.
This type of account allows an owner to take out money for personal use
Means buy now pay later
Verticales
The name given to an account.
A financial statement that summarizes the total revenues and expenses of an organization, and the resulting profit or loss over a specific accounting period, also known as the profit & loss statement.
A financial statement that marks a company's financial situation at a moment in time, showing all assets, liabilities and owners’ equity.
A cost incurred to provide products and services to customers and operate a business.
Revenue minus expenses