ACCT 284 - Ch2 Glossary - Chapter 2 Glossary Account A...

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Chapter 2 Glossary Account A standardized format that organizations use to accumulate the dollar effects of transactions on each financial statement item. Assets Probable future economic benefits owned by the entity as a result of past transactions. Continuity (Going-Concern) Assumption States that businesses are assumed to continue to operate into the foreseeable future. Contributed Capital Results from owners providing cash (and sometimes other assets) to business. Credit The right side of an account. Current Assets Assets that will be used or turned into cash within one year. Inventory is always considered a current asset regardless of the time needed to produce  and sell it. Current Liabilities Short-term obligations that will be paid in cash (or other current assets) within the current operating cycle or one year, whichever is longer.
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