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MGMT 2101 (2)
Chapter 2

Accounting Chapter 2.docx

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Department
Management
Course
MGMT 2101
Professor
accounting
Semester
Fall

Description
Accounting Chapter 2­ Transaction Analysis Assets: An economic resource that provides future benefit for the business. Cash and Cash equivalents: Means money and any medium of exchange including bank  account balances, paper currency, GIC, coins and cheques.  Accounts receivable: Is goods that have been bought on account but not yet paid for.  Money owed to you. Notes receivable: A note receivable is similar to accounts receivable however a note is far  more binding and formal than that of an account. It generally comes with a specific  interest rate for the amount. Inventory: The products, services or goods the business sells to customers. Prepaid expenses: Is an asset that provides future benefit to the firm. Prepaid insurance,  prepaid rent and office supplies are examples of Prepaid expenses. Land: Is the actual physical property the company 
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