Net assets is defined as total assets minus total liabilities. In a sole proprietorship the amount of net assets is reported as owner’s equity. In

Often referred to as the bottom line, net profit is calculated by subtracting a company’s total expenses from total revenue, thus showing what the company

Movable property is property that can be moved from one place to another. The term “movables” is also sometimes used. It includes personal items such

Moneys owed; debts or pecuniary obligations (opposed to assets ). (source: http://dictionary.reference.com/browse/liability)

The principal book in which the commercial transactions of a company are recorded. (source: http://www.thefreedictionary.com/ledger)

A book of original entry in a double-entry system, listing all transactions and indicating the accounts to which they belong.

A detailed list of articles, goods, property, etc (source: http://www.wordreference.com/definition/inventory)

A frequent or ongoing audit conducted by a firm’s own accountants to monitor operating results, verify financial records, evaluate internal controls, assist with increasing efficiency