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====== Accounting Terminology ======
Accounting is the process of identifying, measuring, and reporting financial information of a business entity.  The following terms are used commonly in accounting.

  * Accounting Equation - assets = liabilities + equity
  * Accounts Payable - money owed to creditors, vendors, etc.
  * Accounts Receivable - money owed to a business, i.e.: credit sales
  * Accrual Accounting - a method in which income is recorded when it is earned and expenses are recorded when they are incurred
  * Asset - property with a cash value that is owned by a business or individual
  * Balance Sheet - summary of a company's financial status, including assets, liabilities, and equity
  * Bookkeeping - recording financial information
  * Cash-Basis Accounting - a method in which income and expenses are recorded when they are paid. 
  * Chart of Accounts - a listing of a company's accounts and their corresponding numbers 
  * Cost Accounting - a type of accounting that focuses on recording, defining, and reporting costs associated with specific operating functions 
  * Credit - an account entry with a negative value for assets, and positive value for liabilities and equity.
  * Debit - an account entry with a positive value for assets, and a negative value for liabilities and equity.
  * Depreciation - recognizing the decrease in the value of an asset due to age and use
  * Double-Entry Bookkeeping - a system of accounting in which every transaction has a corresponding positive and negative entry (debits and credits)
  * Equity - money owed to the owner or owners of a company, also known as "owner's equity" 
  * Financial Accounting - accounting focused on reporting an entity's activities to an external party; ie: shareholders 
  * Financial Statement - a record containing the balance sheet and the income statement
  * Fixed Asset - long-term tangible property; building, land, computers, etc.
  * General Ledger - a record of all financial transactions within an entity 
  * Income Statement - a summary of income and expenses
  * Job Costing - a system of tracking costs associated with a job or project (labor, equipment, etc) and comparing with forecasted costs
  * Journal - a record where transactions are recorded, also known as an "account"
  * Liability - money owed to creditors, vendors, etc
  * Liquid Asset - cash or other property that can be easily converted to cash
  * Loan - money borrowed from a lender and usually repaid with interest
  * Net Income - money remaining after all expenses and taxes have been paid 
  * Non-operating Income - income generated from non-recurring transactions; ie: sale of an old building 
  * Note - a written agreement to repay borrowed money; sometimes used in place of "loan" 
  * Operating Income - income generated from regular business operations 
  * Payroll - a list of employees and their wages
  * Profit - see "net income" 
  * Profit/Loss Statement - see "income statement" 
  * Revenue - total income before expenses.
  * Single-Entry Bookkeeping - a system of accounting in which transactions are entered into one account