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Accounting Terms Review

Horizontales
Asset having no physical existence such as trademarks and patents.
Current assets are those that will be used within one year
Rent Revenue is an income statement account that reports the amount of rent that has been earned during a period of time.
You carry prepaid assets (also called prepaid expenses) in the current assets section of the balance sheet.
Assumption that a business can remain in operation long enough for all of its current plans to be carried out.
A company's debts or financial obligations it incurred during business operations and are typically payable over a period of time greater than one year.
Total DEPRECIATION pertaining to an ASSET or group of assets from the time the assets were placed in services until the date of the FINANCIAL STATEMENT or tax return.
A company's debts or financial obligations it incurred during business operations and are payable within a year, such as a debt to suppliers.
The direct expense related to producing the goods sold by a company.
Magnitude of an omission or misstatements of ACCOUNTING information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would change or be influenced.
The difference between NET SALES and COST OF GOODS SOLD.
A financial report that summarizes a company's assets (what it owns), liabilities (what it owes) and owner’s equity at a given time.
Summary of the effect of REVENUES and expenses over a period of time
Verticales
categorizes net cash provided or used during a period as operating, investing and financing activities.
A company's debts or financial obligations it incurred during business operations
Tangible property held for sale, or materials used in a production process to make a product.
Typically, this could be cash, inventory or accounts receivable.
The amount of money owed by your customers after goods or services have been delivered and/or used.
A company's total earnings "Bottom Line"
A financial asset and its value, such as cash or goods.
State of being able to meet maturing OBLIGATIONS as they come due.