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cash
money and any medium of exchange including bank account balances, paper checks, coins, certificates of deposit, checks. (Assets)
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Accounts receivable
The amount that in cash that is promised for future collection following the selling of goods and services (Asset)
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Notes receivable
A note promising to pay the company. Similar to account receivable, except that note receivable is binding, and usually with an interest rate (Asset).
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Inventory
Merchandise, Merchandise Inventory (Asset)
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Prepaid Expenses
Things such as insurance and rent, and supplies. Payment provides a future benefit for the business. (Asset)
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Buildings
Costs of company's office, manufacturing plant, etc. (Assets)
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Equipment, Furniture, Fixtures
The cost of assets like Manufacturing equipment, office equipment. (Assets)
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Accounts Payable
Opposite of accounts receivable. The company's promise to pay a debt arising from credit purchase of inventory or from a utility bill. (Liability)
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Common Stock
The owner's investment in the corporation. Issued by corporations to its stockholders. Most basic form of equity. (Stockholders Equity)
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Dividends
Optional cash that is declared by the company to be given to its shareholders. (Stockholder's equity).
Dividends represent a decrease in Retained Earnings
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Revenues
The increase in stockholder's equity from delivering goods and services. Many kinds of revenue accounts (Revenues increase stockholders equity)
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Expenses
Cost of operating a business. (Expenses decrease stockholder's equity).
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