Term
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Definition
| Accounts that will be satisfied within one year or the next operating cycle. |
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Term
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Definition
| Amounts owed for the purchase of inventory, goods, or services acquired in the normal course of business. |
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Term
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Definition
| Amounts owed that are represented bya aformal contractual agreement. These amounts ususlly require the payment of interest. |
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Term
| Discount on notes payable |
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Definition
| A contra-liability account that represents interest deducted from a loan or note in advance. |
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Term
| Current maturities of long-term debt |
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Definition
| The portion of a long-term liability that will be paid within one year of teh balance sheet dae. |
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Term
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Definition
| A liability that has been incurred but has not been paid as of the balance sheet date. |
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Term
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Definition
| A liability that involves an existing condition for which the outcome is not known with certainty and depends on some future event. |
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Term
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Definition
| A contingent liability that is accrue and is reflected on the balance sheet. Common examples are warranties, guarantees, and premium offers. |
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Term
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Definition
| An amount that involves an existing condition dependent upon some future event by which the company stands to gain. These amounts are not normally reported. |
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Term
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Definition
| The concept that indicates that people should prefer to receive an immediate amount at the present time over an equal amount in the future. |
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Term
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Definition
| Interest that is earned or paid on the principal amount only. |
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Term
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Definition
| Interest calculated on teh principal plus previous amounts of interest accumulated. |
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Term
| Future value of a single amount |
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Definition
| The amount that will be accumulated in the future when one amount is invested at the present time and accrues interest until the future time. |
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Term
| Present value of a single amoutn |
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Definition
| The present amount tiat is equivalent to an amount at a future time. |
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Term
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Definition
| A series of payments of equal amounts. |
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Term
| Future value of an annuity |
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Definition
| The amount that will be accumulated in the future when a series of payments is invested and accrues interest until the future time. |
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Term
| Present value of an annuity |
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Definition
| The amount needed at the present time to be equivalent to a series of payments and interest in the future. |
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