Accounting Terminology
Listed Below Are Nine Technical Accounting Terms Introduced

question 99

Essay

Accounting terminology
Listed below are nine technical accounting terms introduced in this chapter:
$\begin{array}{|l|l|l|}\hline \text { Assets } & \text { Accounting equation } & \text { Inflation } \\\hline \text { Balance Sheet } & \text { Liabilities } & \text { Going concern assumption } \\\hline \text { Cost principle } & \text { Equity } & \text { Liquidity } \\\hline\end{array}$ Each of the following statements may (or may not) describe one of these technical terms. In the space provided below each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. Do not use a term more than once.
(A.) Having the financial ability to pay debts as they become due.
(B.) An assumption that a business will operate in the foreseeable future.
(C.) Economic resources owned by businesses that are expected to benefit future operations.
(D.) The debts or obligations of a business organization.
(E.) Assets - Liabilities = Equity
(F.) The principle which states that assets are valued in the balance sheet at their historical cost.
(G.) A residual amount equal to assets minus liabilities.

Examine the effects of climate change on species distributions and community composition.

Identify the roles of keystone species, ecosystem engineers, and foundation species in ecosystems.

Understand the concept of biotic resistance and the factors influencing the successful invasion of exotic species.

Understand the concept of keystone species and their role in trophic cascades.

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Definitions:

Debtor's Debt

The obligation of money owed by a debtor to a creditor.

Mechanic's Lien

A legal claim against a property by a contractor or subcontractor for unpaid labor or materials provided for improvements to the property.

Contractor

An individual or company that undertakes a contract to provide materials or labor to perform a service or do a job.

Property

Legal rights or interests held in resources such as land, buildings, goods, or intellectual creations, recognized and protected by law.