Identify the Following Terms

question 40

Short Answer

Identify the following terms.
-the Great Schism

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Definitions:

Discount Period

The time frame within which a payment can be made at a reduced rate.

Asset Account

An account on a balance sheet representing resources owned by a company that have economic value.

Liability Account

A category in financial accounting that represents debts or obligations a company owes to others.

Subsidiary Ledger

A detailed ledger that contains the individual accounts necessary to support a major (control) account organized in the general ledger.