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100
The recording, summarizing, and reporting of financial transactions
What is Accounting
100
A charge made on income, property, or other goods or services to support government activity
What is Tax
100
An agreement between parties that outlines the obligations of each party
What is Contract
100
A condition that exists when a business can no longer meet its financial obligations
What is Bankrupt
100
Entering another individual’s property without right or permission
What is Trespass
200
Receiving property or other benefits from an ancestor or other source
What is Inheritance
200
An individual who is a trained professional in the field of accounting
What is Accountant
200
A personal tax levied on income by the federal government and many state governments
What is Income tax
200
Failure to comply with the terms and agreements of a contract
What is Breach of Contract
200
An individual who carries out the wishes expressed in a will
What is Executor
300
All of the possessions owned by an individual
What is Estate
300
A tax levied based on the kind and value of property
What is Property Tax
300
A document declaring an individual’s wishes regarding the disposal or his or her property upon death
What is a Will
300
Services provided by an attorney at law
What is Legal Counsel
300
A certificate or other written authorization obtained from an agency with the authority to issue such that approves an action
What is Permit
400
The decrease in value of assets due to time, wear, or obsolescence
What is Depreciation
400
Being responsible for an action that has occurred
What is Liability
400
Federal Insurance Contribution Act (FICA) ─ a Federal law that imposes an employment tax on both employers and employees to fund Social Security and Medicare; self- employed persons pay both the employer and employee share
What is Federal Insurance Contribution Act (FICA)
400
Inflows and outflows of cash; the pattern of receipts and expenditures in and out of a business
What is Cash Flow
400
A document granted by a state official describing the purpose, place of business, and other details of a corporation
What is Charter
500
The order in which one person after another succeeds to property or title, including the ownership of an agribusiness
What is Succession
500
A method of accounting in which income and expense items are recorded and recognized when cash is received or disbursed
What is Cash Accounting
500
Accumulated capital; sum of money that accumulates interest; proceeds of a loan
What is Principal
500
Failure to act with the prudence that a reasonable person would exercise under the same circumstances
What is Negligence
500
A system of accounting that uses inventory adjustments and records sales and expenses as they occur
What is Accrual Accounting