bill of exchange	a written order instructing an importer o pay an exporter a certain sum on a given date
letter of credit	a guarantee given by a buyers's bank to ay a specific emount of money to a seller
account	a statement of money paid or owed
accounting period	a twelve-month period that constitutes an organization's financial year
debit	an amount entered on the left-hand side of an account
credit	an arrangement to receive goods or services but pay later
ledger	a book of accounts
revenue	money received by a business for goods sold and services provided
suplier	a business that sells materials or goods to other companies
transaction	a business deal
balance sheet	a statement showing a companys financial position an a particular date; liabilities an owners equit
double-entry booking	a traditional method of recording transaction to one accunts debits and to another as credits
chart of account	a list of all the accounts in a general ledger
trial balance	a test chceckin if the total amount of debit balancesis equal to the total amount of credit balances
closing entries	are made all the revenue and expenses balances at zero