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