CREDITORS - People the business owes money to, REVENUE - Income earned by the business, EQUITY - The owner’s interest in the business, ASSETS - Resources owned by a business, BALANCE - What must always agree in the accounting equation, AUDIT - Independent examination of financial statements, ACCRUAL - Recognition of income/expenses before cash changes hands, DEPRECIATION - Allocation of the cost of an asset over its useful life, LIABILITY - An obligation the business owes to outsiders, DIVIDEND - Profits distributed to shareholders, PREPAID ASSETS - Expense paid in advance, recognized as an asset until used, INVENTORY - Goods held for sale in the normal course of business, DOUBLE ENTRY - System where every transaction affects at least two accounts, DEFERRED INCOME - Revenue postponed to a future period, PETTY CASH - Small fund kept for minor expenses,

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