difinitions of 5 key terms--Stephanie Gan

[GanTsun]

Absentee owner: owner who does not personally manage or reside at the property owned.

 

Credit: to record an account on the right-hand side of an account.

 

Journal: a specially ruled book in which accounting entries are recorded in the order in which they occur. A transaction is recorded in the journal before it is recorded in the ledger.

 

Overstated: an exaggerate statement or account.

 

Most permanence: the quality or condition of being permanency.