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MM I "Accounting Terms" Activity #3

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