Definition of accounting term
Flashcard
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Business
•
University
•
Easy
Nur hani Ithanin
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4 questions
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1.
FLASHCARD QUESTION
Front
cash
Back
A liquid asset that can be used for transactions.
2.
FLASHCARD QUESTION
Front
asset
Back
Any resource owned by an individual or entity that is expected to provide future economic benefits.
3.
FLASHCARD QUESTION
Front
liabilities
Back
Obligations or debts that an entity owes to others.
4.
FLASHCARD QUESTION
Front
owner equity
Back
The residual interest in the assets of an entity after deducting liabilities.
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