Uil Accounting

Corporation – Business owned by stock holders
Temporary Accounts – Income statement accounts – balances are moved each year
Cash – This account consists of coins, currency, money orders, checks, money on hand or on deposit in a bank (e.g. checking account). Unrestricted cash is considered a current asset.
Fixed assets – The tangible resources that are used in a company's operations for more than one year and are not intended for resale
Which of the following best describes a liability? Liabilities are: – Payables of the corporation
synonym for 'yearly' income – annual income
The early studies in LMX reported that
Statement of cash flows – explains how a company obtained and used cash during the accounting period
Compound Interest – Interest paid on an original amount deposited in a bank plus any interest that has been paid.
The eаrly studies in LMX repоrted thаt
transaction – a business activity that changes assets, liabilities, and owners equity.

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