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MM I "Accounting Terms" Activity #3

Horizontales
Denotes the value left over after liabilities have been removed
Amount paid on a loan or line of credit that exceeds the repayment of the principal balance
The distribution of reward from a portion of the company's earnings and is paid to a class of its shareholders
A set of rules that encompass the details, complexities, and legalities of business and corporate accounting
Unincorporated business that has more than one owner
Balance Sheet accounts; Permanent accounts.
Documents that proves payments were made
Income Statement accounts; Temporary accounts
A company's ability to generate revenues in excess of the costs incurred in producing those revenues
Economic resources owned or controlled by a person or company
An accounting method in which assets purchased or acquired first are disposed of first
Entry made on the left side of an account
Verticales
Entry made on the right side of an account
The availability of cash or ability to obtain it quickly
A complete listing of merchandise or stock on hand, work in progress, raw materials, finished goods on hand
Owner’s contribution
A company's long-run ability to meet all financial obligations
Economic resources owned or controlled by a person or company
Term that accounts for the loss of value in an asset over time
Amounts owed to a business, regarded as assets
The process of sorting and entering financial data into a bookkeeping system
All debts that a company has yet to pay
Expenses that relate to running the business
Cost incurred by the business
Partners are not involved in daily activities