Self-study 0. Task 20. Read the text and write the definitions of the words in bold. Preparation of the accounts

Data- In computing, data is information that has been translated into a form that is efficient for movement or processing. 
Accumulates- gather together or acquire an increasing number or quantity of.
cash account- Cash sales are sales in which the payment obligation of the buyer is settled at once, so there is no risk of a bad debt being incurred.
sales account-  A sales account contains the record of all sales transactions. This includes both cash sales and credit sales.
income statement- An income statement is a financial report that shows all revenue and expenses of a company, department, team or operation over a set period of time.

1. 
   balance sheet- a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.
   

cash flow statement- A cash flow statement summarizes the amount of cash and cash equivalents entering and leaving a company. 
annual report- An annual report is a detailed report that shows a company's operations and financial performance in the preceding 12 months. 
potential shareholders- are those individuals who will receive shares of the Buyer's “restricted” common stock as set forth in Schedule 

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  Profit and Loss Account- account in the books of an organization to which incomes and gains are credited and expenses and losses debited, so as to show the net profit or loss over a given period. a financial statement showing a company's net profit or loss in a given period.
  

Profit- Profit describes the financial benefit realized when revenue generated from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity in question.