Please study the 14 vocabulary terms below. Then press the Mark Complete button to continue.
- 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
- capital
- the total financial value of all assets less any liabilities, the net worth of a company
- contingent liabilities
- a potential obligation that may be incurred depending on the outcome of a future event
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The accounting equation was the first thing I learned on the bookkeeping course I went on.
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After three years trading the capital of the company had increased to $100m.
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The management accountant estimated a contingent liability of $45,000 on the purchase of the new property.
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