Accounting Terminologies Quiz 1

The recognition of an expense or revenue that has occurred but has not yet been recorded.

ASSET provided to a CREDITOR as security for a loan.

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.

DEBTS or OBLIGATIONS owed by one entity (DEBTOR) to another entity (CREDITOR) payable in money, goods, or services.

The act or an instance of purchasing essential products or services from another COMPANY.

Any owned tangible or intangible object having economic value useful to the owner.

Positive difference that results from selling products and services for more than the cost of producing these goods.

In general, agreement by which rights or acts are exchanged for lawful consideration.

To misuse or embezzle funds

Financial plan that serves as an estimate of future cost, REVENUES or both.

Something spent on a specific item or for a particular purpose.

Measurable possibility of losing or not gaining value.

ASSET account on a balance sheet representing paper currency and coins, negotiable money orders and checks, bank balances, and certain short-term government securities.

Supplier of goods or services of a commercial nature; may be a manufacturer, importer, or wholesale distributor.

Charge levied by a governmental unit on income, consumption, wealth, or other basis.