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Accounting Terminologies Quiz 1

Quiz by Klei
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Last updated: January 8, 2024
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First submittedJanuary 8, 2024
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The recognition of an expense or revenue that has occurred but has not yet been recorded.
Accrual
ASSET provided to a CREDITOR as security for a loan.
Collateral
Entry on the left side of a DOUBLE-ENTRY BOOKKEEPING system that represents the addition of an ASSET or expense or the reduction to a LIABILITY or REVENUE.
Debit
DEBTS or OBLIGATIONS owed by one entity (DEBTOR) to another entity (CREDITOR) payable in money, goods, or services.
Liability
The act or an instance of purchasing essential products or services from another COMPANY.
Outsourcing
Any owned tangible or intangible object having economic value useful to the owner.
Asset
Positive difference that results from selling products and services for more than the cost of producing these goods.
Profit
In general, agreement by which rights or acts are exchanged for lawful consideration.
Contract
To misuse or embezzle funds
Defalcation
Financial plan that serves as an estimate of future cost, REVENUES or both.
Budget
Something spent on a specific item or for a particular purpose.
Expense
Measurable possibility of losing or not gaining value.
Risk
ASSET account on a balance sheet representing paper currency and coins, negotiable money orders and checks, bank balances, and certain short-term government securities.
Cash
Supplier of goods or services of a commercial nature; may be a manufacturer, importer, or wholesale distributor.
Vendor
Charge levied by a governmental unit on income, consumption, wealth, or other basis.
Tax
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