Examlex
In school, students are taught not only how to prepare for the job market but also how to be punctual, to cooperate with others, to defer to authorities, and so on. Which of the following refers to the latter area of teaching?
Asset
An item of value owned by an individual or corporation that is expected to provide future economic benefits.
Adjusting Entry
A journal entry made in accounting records to update the book values of certain assets or liabilities to their correct amounts.
Principal
The original sum of money borrowed in a loan or the initial amount of investment before any earnings or interest is added.
Interest
The charge for borrowing money or the compensation paid to a lender by a borrower for the use of borrowed funds.
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