Financial Terms Dictionary A Accounting Accounting is the language of business. Accounting is the process of capturing and communicating financial data. The goal of the accounting system...

Financial Terms Dictionary B Balance Sheet The balance sheet is one of the three financial statements. The balance sheet format shows assets, liabilities, and equity....

Financial Terms Dictionary C Cash flow statement The cash flow statement is one of the basic three financial statements. The format is cash receipts minus cash payments. The cash...

Financial Terms Dictionary D Debits and Credits Debits and credits are used to record financial transactions. Debit is the left side of an account. Credit is the right side of an...

Financial Terms Dictionary E Equity Equity is a claim on the assets by the owners of a business. It is calculated as assets minus liabilities. Equity is one of the five...

Financial Terms Dictionary F FASB The Financial Accounting Standards Board (FASB) sets generally accepted accounting principles (GAAP), the financial reporting standards in the United...