Key Terms Instructions: Please Define the Following Key Terms

question 62

Essay

Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
Civilization and Its Discontents

Apply the net method for recording purchases in a periodic inventory system.

Apply the gross method for recording purchases in a periodic inventory system.

Understand the implications of terms such as 2/10, n/30 on transactions.

Describe the process of preparing and canceling vouchers in accounting transactions.

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Definitions:

Financial Position

A snapshot of what a company owns and owes, as well as the amount invested by shareholders, often represented by the balance sheet.

Fiduciary Fund

A fund held by an entity in a trustee or agent capacity for others and is often used for specific purposes or persons, such as pension funds or estates.

Reserve Fund

A savings or fund set aside for future expenses, emergencies, or capital projects.

Endowment Fund

An endowment fund is a financial asset, in the form of donated funds or property, invested to generate income for a specific purpose, usually non-profit.