Accounting

The act of removing money from an account

• Withdrawal

• Transfer

• Sue

• Subtract

Damage that occurs to an item while it is being used

• Liability

• Overdraft

• Debt

• Wear and tear

An event in which money is exchanged for goods and services

• Inflow

• Transaction

• Dumping

• Hover

Any piece of physical property that bears value

• Depreciable asset

• Fixed asset

• Tangible asset

Stockholder: A person who has purchased a percentage of ownership of a company

• True

• False

Plummet means....

• To increase rapidly

• To decrease rapidly

• To stay in the same level

• To purchase a lot of goods

P&L stands for...

• Purchase and loss statement

• Profit and liability statement

• Profit and loss statement

Any amount of money that a company owes

• Payroll

• Tax

• Liability

• Owner's equity

IRS stands for....

• Internal Revenue Service

• Invest Revenue Service

• Internal Recovery Service

• Internal Revenue Sales

GAAP: Accounting standards in the UK.
IASB: Accounting standards in the US.

• TRUE

• FALSE