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GLOSSARY OF TERMS
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GLOSSARY OF TERMS
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Joint Products
Two or more goods having approximately the same economic value that are manufactured simultaneously from the same raw material.
A book of original entry in which financial transactions are recorded (for example, a purchase journal is a record of purchase transactions).
An entry in any journal.
Similar to a 401(k), but for the self-employed.
A legal contract conveying the use of property from the owner (lessor) to another (lessee) at a fixed rate, for a stated length of time.
Additions, improvements or alterations made to leased property by the lessee.
A book of final entry containing all the accounts of a business or all the accounts of a particular type (for example, general ledger, accounts receivable ledger).
The Liabilities of a business are the debts of a business. For example, if money is borrowed from a bank, there is a liability to repay the loan. In this case, the borrower would be known as the debtor and the bank to which the debt is owed would be called the creditor.
See Corporation.
A business entity formed upon filing articles of organization with the proper state authorities and paying all fees. LLCs are a new entity in the United States, although the concept has long been used internationally. LLCs provide limited liability to their members, and are taxed like a partnership, preventing double taxation. LLCs can be formed in every state.
A partnership with two classes of partners: Limited partners and one or more General partner. Limited partners have no personal liability for debts of the limited partnership beyond the amounts invested.
An asset, such as cash, that can be readily converted into other types of assets or used to buy goods and services or satisfy obligations.
The winding-up of an organization by settling with debtors, creditors and shareholders. Usually done by selling or otherwise disposing of assets to pay off liabilities.
The net amount realized on assets in the event of a liquidation.
The excess of expenditures over revenues. Opposite of income/profit.
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