Question
Expenditure
Liabilities
Income statement
Assets
Cycle billing
Monthly billing
Account history
Accountant
Accounts receivable
Double entry bookkeeping system
What are their definitions simple ?
Liabilities
Income statement
Assets
Cycle billing
Monthly billing
Account history
Accountant
Accounts receivable
Double entry bookkeeping system
What are their definitions simple ?
Answers
GPT-4o mini
Here are simple definitions for each of the terms you've listed:
1. **Expenditure**: Money spent on goods, services, or expenses.
2. **Liabilities**: Financial obligations or debts owed to others.
3. **Income Statement**: A financial report showing a company's revenues and expenses over a specific period, resulting in profit or loss.
4. **Assets**: Resources owned by a business that have economic value, such as cash, inventory, and property.
5. **Cycle Billing**: A billing method where customers are invoiced at different times during the month, instead of all at once, to manage cash flow.
6. **Monthly Billing**: Sending invoices to customers on a monthly basis for goods or services provided.
7. **Account History**: A record of all transactions for a specific account, including payments, credits, and debits.
8. **Accountant**: A professional who manages financial records, prepares financial statements, and ensures accuracy in records and compliance with laws.
9. **Accounts Receivable**: Money owed to a business by customers for goods or services delivered but not yet paid for.
10. **Double Entry Bookkeeping System**: An accounting method where every transaction affects at least two accounts, ensuring the accounting equation (Assets = Liabilities + Equity) stays balanced.
Let me know if you need further clarification!
1. **Expenditure**: Money spent on goods, services, or expenses.
2. **Liabilities**: Financial obligations or debts owed to others.
3. **Income Statement**: A financial report showing a company's revenues and expenses over a specific period, resulting in profit or loss.
4. **Assets**: Resources owned by a business that have economic value, such as cash, inventory, and property.
5. **Cycle Billing**: A billing method where customers are invoiced at different times during the month, instead of all at once, to manage cash flow.
6. **Monthly Billing**: Sending invoices to customers on a monthly basis for goods or services provided.
7. **Account History**: A record of all transactions for a specific account, including payments, credits, and debits.
8. **Accountant**: A professional who manages financial records, prepares financial statements, and ensures accuracy in records and compliance with laws.
9. **Accounts Receivable**: Money owed to a business by customers for goods or services delivered but not yet paid for.
10. **Double Entry Bookkeeping System**: An accounting method where every transaction affects at least two accounts, ensuring the accounting equation (Assets = Liabilities + Equity) stays balanced.
Let me know if you need further clarification!