Accounting Chapter 4 Vocab

Assets – Resources a business owns or controls that are expected to provide current and future benefits to the business. (p.22)
internal users – make planning and control
Liabilities – Probably future obligations to pay assets. A company's debt. has a legal priority to de repaid
posting – transfer debits & credits from journal entries to accounts
sales – a temporary owner's equity account used to record the earning of revenue
When the biz buys land w/ 1/2 in $ & signing a note payable for the other 1/2, assets _ – Increase
Ethics – The principles of right and wrong you got an individual one making the decisions
What type of diagram is a graphical representation of a network's wired infrastructure?
A discount offered by a business is a/an: – Cash Discounts
3 types of business activities – financing, investing, and operating
The interest rate specified in a note is for a
A. day.
B. month.
C. week.
D. year – D
Contingent Liability – Is a potential liability that has arisen as the result of a past event.
Non-Current Assets – Assets whose future economic benefit will last more than one accounting period. There are three types of non-current assets: Property, Plant and Equipment, Investment Assets and Intangible Assets.
Whаt type оf diаgrаm is a graphical representatiоn оf a network's wired infrastructure?
blank statement – A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.
Conservatism – When confronted with 2 different valuations choose the less favorable to provide cushion

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