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Accounting terminology
Listed below are nine technical accounting terms introduced in this chapter: 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 + Owners' 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.
Harvard Professor of History
A faculty member specializing in history at Harvard University, which is often indicative of a high level of authority and expertise in the field.
Bridge
A structure constructed to span a physical obstacle, such as a body of water, valley, or road, without blocking the way underneath.
Trucks
Large motor vehicles designed primarily for transporting cargo or specialized payloads over roads.
Poisoning the Well
A logical fallacy where adverse information about a target is preemptively presented to an audience, with the intention of discrediting or ridiculing everything that the target person is about to say.
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