In instances where a definition applies to more than one term, the alternate terms are identified. The time period between successive closings of the books of a business. Accruals Amounts owed to or owed by a business that have not yet been recorded in the books of the business. Assets Things of value held by or owned by a business or a person. The owners' interest in a business.
Equity is calculated as the value of all business assets minus all business liabilities.
Change in net worth Change in business net worth during an accounting period due to business earnings during the period. Distributions to owners Distributions of business funds to the owners of a business. Expenses Costs incurred for business purposes during an accounting period. The schedule of payments to be made in repaying a debt. With level-payment amortization , the payment amount is constant throughout the repayment period.