Matching Pairs Accounting TermsOnline version Can you match the Accounting Term to the Definition? by Connected Business English 1 Profit 2 Pre-Payment 3 Liability 4 Loss 5 Accrual 6 Balance Sheet Something a person or company owes, usually a sum of money A summary of the financial balances of an individual or organisation The process of recording income or expenses when they occur Where costs exceed income An income distributed to the owner in a profitable market production process The settlement of a debt or installment loan in advance of its official due date.