Intro to Financial Accounting Vocab Words

currency used for the company’s spending

(a)  

amount customers owe the business

(a)  

• items used in the day-to-day operations of a business, typically consumed quickly or within a year

(a)  

• tangible assets that are used for long-term operations in a business. These assets typically have a useful life of more than one year.

(a)  

Resources that business own

(a)  

Creditors claims against total assets

(a)  

Money the company borrows form a lender and agrees to pay back later

(a)  

amounts due to vendors or suppliers for goods or services received that have not yet been paid for

(a)  

The ownership claim on total assets a company owens

(a)  

An amount earned by a corporation and not yet distributed to stockholders.

(a)