Defining Basic Accounting Terminology
Not what you're looking for?
Define the following:
a) asset
b) current asset
c) liability
d) current liability
e) contributed capital
f) retained earnings
Question 4:
What is the basic accounting equation?
Purchase this Solution
Solution Summary
This solution provides the definitions for the given basic accounting terms. Additionally, it provides the basic accounting equation.
Solution Preview
a) asset - things the business owns. For example, building, equipment.
b) current asset - the word current in accounting means 12 months, so current assets are those that will change their form during the next year. Current assets include money in the bank, debtors (the sales to customers on credit, but unpaid) and inventory (the stock of goods bought ...
Purchase this Solution
Free BrainMass Quizzes
Marketing Management Philosophies Quiz
A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.
Operations Management
This quiz tests a student's knowledge about Operations Management
Writing Business Plans
This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.
Paradigms and Frameworks of Management Research
This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)