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Submitted by mrachell@aol.com on August 8, 2007
- Category: Business
- Words: 1206
- Pages: 5
- Views: 319
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Accounting Terms
Assets
Noun. (Accounting.) Resources that are owned by a business and are expected to provide future economic benefits. Equipment, an example of an asset, provides benefits by its use in the manufacture of products to be sold. The normal balance of an asset account is debit. Assets appear on the balance sheet.
Other asset accounts include: Accounts Receivable, Cash, Notes Receivable, Inventories, Supplies, Prepaid Insurance, Investments, Land, Buildings, and Others.
Liabilities
Noun. (Accounting.) The debts and obligations of a business that represent claims of creditors on the assets of that business. Examples of liability accounts include...
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