AccountingMIdterm.docx - Refer to the words below the page...

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Refer to the words below the page to identify each item. 1. This represents the amount of money owed by the customer or debtor to the business evidenced by a promissory note. 2. These are resources controlled by the business as a result of past transactions and events and from which future economic benefits are expected to flow to the business. 3. They represent the costs being incurred by the business in generating revenues. 4. A system in which a debit entry and a credit entry is entered for each transaction. 5. This refers to an advance payment made by the business to cover for future rental payments. 6. This represents manual or automated machines used in the business like computers, laptops, ring binders, and delivery vehicles. 7. Examples of this asset includes tables, chairs, filing cabinets, and display racks. 8. These are earnings arising from the main line of operations of the business. 9. This is a contra-valuation account which refers to the portion of accounts receivable that is estimated to be uncollectible at the end of a particular accounting period. 10. This is a contra-valuation account which refers to the aggregate portion of the total cost of property, plant, and equipment that has been charged to depreciation expense. 11. A business organization formed by at least fifteen individuals, operated to benefit each member. 12. Business operation that involves purchasing and converting raw materials into finished product. 13. Owners who originally formed the corporation. 14. An economic unit that sells goods and services with the prime objective of generating profit. 15. It contains provisions for internal administration of the corporation.
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