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ACCOUNTING by Mind Map: ACCOUNTING

1. Costs: The total money spent to produce goods and services, including production, labor, storage, and material costs.

2. Expenses: Any additional money spent operating the company that's not associated with the production of sellable products

3. Accounts Receivable: Outstanding payments the company is currently owed by all customers/clients.

4. LIABILITIES: All money and outstanding debts owed by the company.

5. CURRENT ASSETS: Capital that has immediate value, including cash, sellable products, or accounts receivable.

6. Net Income: The company's total profit (or loss, if negative) once costs and expenses are subtracted from revenue.

7. Revenue: All incoming money from selling products and services or generated through a company's additional assets.

8. INCOME STATEMENT: A report that tracks the company's revenues, costs, and expenses over a set period.

9. Accounts Payable: Outstanding payments the company currently owes to suppliers, vendors, and creditors.

10. EQUITY: All capital currently invested in the company, including any profits that have been re-invested as retained

11. FIXED ASSETS: Assets with longterm value, such as land and property, tools and machinery, or vehicles

12. BALANCE SHEET: A financial document that reconciles all the company's assets with their liabilities and equity.

13. Certified Public Accountant: CPAs are accountants who have passed the American Institute of Certified Public Accountants'.

14. Debit: An entry on a balance sheet that increases asset values and/or decreases liability and equity values.

15. General Ledger: Record of all financial transactions across all of a company's accounts, which is maintained continuously for the

16. Return on Investment: Used to determine how much of the money spent producing goods/services was recouped in.

17. Present Value (PV): The amount a future sum of money is currently worth today.

18. Auditors: Auditors evaluate a company's financial records for accuracy, check for mistakes and discrepancies, and some may

19. Certified Management Accountant: Certified Management Accountants work on a company's internal financial

20. Credit: An entry on a balance sheet that decreases asset values and/or increases liability and equity values.