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S
Sales - Income earned from the provision of goods or services.
Selling Expense - Cost incurred from the selling of goods or services for example advertising.
Set of Accounts - Is a list of all the account names and associated account numbers that an organization uses in its general ledger. Also referred to as the Chart of Accounts.
Shareholder - Owner of one or more shares in a corporation.
Suspense Account - A temporary account used to post amounts that have not been posted to their correct accounts because of a small error that needs to be analyzed in the amount.
T
T account - Form used to represent a ledger account. It consists of a heading which is the account name, the debit which is represented on the left side and the credit which is represented on the right side.
Tangible Asset - An asset in existence physically for example buildings, machinery, furniture.
Trial Balance - This is a list of the ledger balances at the end of a specified period. The trial balance consists of three columns; the name of the account/account number, the debit column and credit column. The totals of the debit column should always be equal to the totals of the credit column.
Transactions - Financial events or actions that take place in an organization.
U
Unaudited Financial Statements - These are financial statements which have not been checked by an independent Certified Public Accountant.
Unearned Income - Amount received before goods or services have been provided.
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