Unit 6: Vocabulary

Please study the 14 vocabulary below and press the 'Mark Complete' button.
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US
accounting equation
the foundation of double entry accounting which shows that all assets are either financed by borrowing money or paying with the money of the company's shareholders
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US
The accounting equation was the first thing I learnt on the bookkeeping course I went on.
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US
capital
the total financial value of all assets less any liabilities, the net worth of a company
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US
After three years trading the capital of the company had increased to $100m.
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US
contingent liabilities
a potential obligation that may be incurred depending on the outcome of a future event
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US
The management accountant estimated a contingent liability of $45,000 on the purchase of the new property.

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