An economic ressource that is expected to be or benefit in the future. Probable future economic benefits obtained as a result of past transactions or events. Anything of value to which the firm has a legal claim. Any owned tangible or intangible object having economic value useful to the owner.
2. Balance
Basic finacial statement, usually accompanied by appropriate disclosures that describe the basics of accounting used in its preparation and presentation of a specified date the entity's asset's, liabilities and the equety of its owners. Also known as a statement of financial condition.
3. Dividends
Distribution of earnings to owners of a cororation in cash, other assets of the corporation, or the corporation's capital stock.
4. Equety
Residual interest in the assets of an entity that remains after deducting its liabilities. Also, the amount of a business' total assets less total liabilities. Also, the third section of a balance sheet, the other two being assets and liabilities.
5. FOB Destination
A shipping term that means that the seller bears transportation costs to the place of delivery.
6. FOB Shipping point
A shipping term that means that the buyer bears transportation costs from the point of origin.
7. Income Statement
Summary of the effect of revenues and expenses over a period of time.
8. Liability
Debts obligations owed by one entity (debtor) to another entity (creditor) payable in money, goods, or services.
9. Petty cash
A small amount of cash that a company keeps on hand to pay for minor expenses in an office.
10. Receivables
Amounts of money due from customers or other debtors.
11.Revenues
Sales of products, merchandise, and services; and earnings from interest, dividend, rents.
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Nice choice of words. they are really instructive.
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