Selected+Accounts+Definitions

Selected+Accounts+Definitions - Liabilities and...

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Selected Accounts Definitions Assets Short‐term investments contains any investments matures in, or is held for a year or less, e.g. stocks, bonds etc. Accounts receivable is a current asset resulting from selling goods or services on credit (on account). Notes receivable is an asset representing the right to receive the principal amount contained in a written promissory note. Inventory : A company's merchandise, raw materials, and finished and unfinished products which have not yet been sold. Supplies : General purpose consumable items which commonly have a shorter life span in use than equipment and machines, and which are stocked for recurring use. Intangibles : Something of value that cannot be physically touched, such as a brand, franchise, trademark, or patent.
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Unformatted text preview: Liabilities and Stockholders’ equity Accounts payable is a company owes for items or services purchased on credit and for which there was not a promissory note. Notes payable is the amount of principal due on a formal written promise to pay. Bonds payable contains the amount of the bonds issued by a company that are outstanding as of the balance sheet date. Accrued expenses are the estimated amount a company owes for expenses that occurred, but have not yet been paid. Unearned revenue is a liability account that reports amounts received in advance of providing goods or services. Contributed capital is the amount paid or contributed by stockholders in exchange for shares of a corporation's stock....
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