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chapter 1 terms

accounting

QuestionAnswer
Abandonment the act of surrendering a claim,to or interst in,a particular asset.
AAA The highest rating given on bonds by bound rating agencies.
absolute gift a gift of property by will which carries with it possession of and complete domain over the property: opposed to a conditional gift
Absolute Title A legal document stating that a person or other legalentity has the unqualified right of ownership to some personal or real property
Accelerated Depreciation A method of asset amortisation that attempts to equate the book value of an asset to its market value at any point in time by makinglarger deductions in the earlier years of the assets's life.
Accelertaion (1) Lending A standard clause in a mortgage insturment permitting the lender to demand full payment of principal from the borrower upon default of the obligation
liabilities anything of value that is owed
accounting equation an equation showing the relationship amount assets liabilities and owner's equity
equity financial rights to the assets of a businessq
owners equity the amount remaining after the value of all liabilities is subtracted from the value of all assets.
Created by: greggory downard on 2007-09-21



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