Shared Flashcard Set

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Gregory Krippel-CBAD 201
Chapter 1 and Chapter 2
7
Accounting
Undergraduate 2
09/21/2011

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Cards

Term
Accounting
Definition
an information system that reports on the economic activites and financial condition of a business or organzation
Term
Market
Definition
a group of people or entites organized to exchange items of values
Term
Assets
Definition
resources controlled by a business
Term
Liquidation
Definition
business that cease to operate its remaining assests are sold and the sale proceeds are returned to the to the investors & creditors
Term
Profit income= earnings
Definition
common terms for the added value created in the transformation process include
Term
Financial Resources
Definition
money needed frm conversion agents to get started and operate
Term
Investors
Definition
provide financial resources in exchange for ownership interests in business; owners expect business to return to them a share of the business income earned
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