Examlex
Instructions: Identify the following terms.
"Down with Confucius and sons"
Asset Account
An account on a company’s balance sheet that represents a resource controlled by the company as a result of past events and from which future economic benefits are expected.
Liability Account
An accounting record of amounts owed by a business to creditors, typically categorized as current or long-term liabilities.
Bank Service Charge
Fees charged by banks for handling specific types of transactions, account maintenance, or services rendered.
Note Receivable
A written promise that requires one party to pay a specified sum of money to another party on a set date or on demand.
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