Exercise

Match the definition on the left with the letter of the term on the right: 

a - balance sheet
b - liquid assets
c - liability
d - net income
e - property
f - payroll
g - equity
h - journal
i - cash flow
j - expense

1. a list of all employees and their wages --> 

2. an accounting record where all business transactions are INITIALLY entered --> 

3. money that is spent to purchase goods or services provided by someone else --> 

4. a detailed summary of a person's or a company's financial condition at a specific point in time, taking into account their assets, liabilities, etc. --> 

5. something that is legally owned by a person or company --> 

6. an obligation to settle a debt; money owed to someone --> 

7. this word has 2 meanings: "stock (shares)" and "net worth" --> 

8. the balance of cash receipts minus cash payments over a given period of time -->

9. cash or something that is easily convertible into cash --> 

10. money remaining after all expenses and taxes have been paid -->