sums of money owed by customers for goods and services purchased on credit, debtors/ accounts receivable, the reduction of value of a fixed asset during the years it is in use (charged against profit), depreciation/ amotization, liabilities which have been incurred but not yet invoiced to the company e.g tax, interest, utility bills, accrued expenses, in other words net assets (include share capital and retained earnings), shareholders' equity, a statement showing the difference between the revenues and expenses of a period, income statement/ P&L statement, the difference between the purchase price of acquired company and its net tangible assets, goodwill, delayed/postponed until later time (e.g income tax), deferred, the historical cost of an asset minus depreciation charges, net book value, a statement showing the value of a business's assets, its liabilities and its capital (money the business has that belongs to its owners), balance sheet, sums of money owed to suppliers for purchases made on credit, creditors/ accounts payable

Accounting- basics

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