Accounting

It is a systematic process of identifying, recording, measuring, classifying,

verifying, summarizing, interpreting and communicating financial information. It
reveals profit or loss for a given period, and the value and nature of a firm's
assets, liabilities and owners' equity. Accounting provides information on the
resources available to a firm.
Bookkeeping
Systematic recording of financial aspects of business transactions in
appropriate books of account.
Business transaction
An economic event that initiates the accounting process of recording it in
a company's accounting system.
Credit
An entry on the right-hand side of an account record in double entry
bookkeeping. It has the effect of decreasing an asset or expense account, or of
increasing a capital, liability, or revenue account. See also debit.
Debits
In double-entry bookkeeping, entry on the left-hand side of an account record. It
has the effect of decreasing a capital, liability, or revenue account, or of
increasing an asset or expense account. See also credit.
Financial activity
Any transactions or initiatives undertaken by a business to further
the fulfillment of economic goals. Financial activities may
include buying and selling of products or assets, organizing and
maintaining accounts, issuing stocks or bonds, arranging loans, or
other business activities with specific monetary objectives.
Net income
The total revenue in an accounting period minus all expenses during the
same period. If income taxes and interest are not deducted, it is
called operating profit (or Loss, as the case may be). Also called earnings, net
earnings, or net profit.
Net loss
Amount by which total of costs and expenses exceeds total revenue in
an accounting period.

Partnership business
A type of business organization in which two or
more individuals pool money, skills, and other resources,
and share profit and loss in accordance with terms of the partnership
agreement. In absence of such agreement, a partnership is assumed
to exit where the participants in an enterprise agree to share
the associated risks and rewards proportionately .
Supplier credit
Goods or services received on deferred payment terms. Also called supplier
financing.