Examlex
After someone dies, conversations about that person move from present to past tense. This form of speech is called the
Debit
An accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet.
Credit
A financial agreement where a borrower receives something of value now and agrees to repay the lender at a later date, often with interest.
Equity Account
An account representing the owner's or shareholders' interest in a company, reflected in the capital stock, retained earnings, and contributed surplus on the balance sheet.
Unearned Revenue
Money received by a company for products or services yet to be delivered or performed, recorded as a liability on the balance sheet until earned.
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