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Financial Statement Order
The sequence in which financial statements are prepared and presented, typically starting with the income statement, balance sheet, statement of owner's equity, and finally the cash flow statement.
Trial Balance
A report listing all the accounts and their balances at a specific point in time, used to ensure that debits equal credits.
Accounts Receivable
The sum customers owe a company for the delivery of services or products, payment for which has not yet been made.
Accounts Payable
Amounts owed by a company to suppliers or vendors for goods or services received but not yet paid for, recognized as a current liability on the balance sheet.
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