Examlex
You wish to deposit $7,000 in an account at the Shylock Bank.The bank pays interest at a nominal annual rate of 10% compounded monthly.What is the future value in the account after seven years?
General Ledger
A complete record of all financial transactions over the life of a company, organized into debits and credits across various accounts.
Capital Account
An account showing the net changes in property ownership and transfer of payment among countries for international transactions, or in a company's context, represents the stake of owners in the firm.
Revenue Accounts
Accounts that record the income generated from the sale of goods and services, before any expenses are subtracted.
Income Summary
A temporary account used in the closing process that summarizes a company's revenues and expenses for the accounting period.
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