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Accounting Terminologies

Horizontales
Business is expected to continue indefinitely
All relevant and material information should be reported
Referred to as the "book of original entry"
Owned by two or more individuals
"Buy and Sell" business
Verticales
Accounts should be recorded initially at cost
Business enterprise is separate and distinct from its owner or investors
Are physical assets such as cash, supplies and furniture and fixture
Used to record all sales on credit
Are assets that can be realized in one year