Credit
In accounting, a credit is an entry that increases liabilities, equity, or revenue accounts and decreases asset or expense accounts. It’s also used in sales to refer to goods or services sold on payment terms. Every credit has a corresponding debit in double-entry bookkeeping.
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Capital Lease
A long-term lease that essentially functions as a purchase. The lessee assumes ownership-like risks and benefits, and the asset is…
Cash Equivalent
Short-term, highly liquid investments that can be quickly converted into a known amount of cash typically within three months. Examples…
Contingent Liability
Contingent liability is a potential obligation that may arise depending on the outcome of a future event, like a lawsuit…
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