Accounting Concepts

A corporation may be defined as a voluntary association of persons who are organized under state or federal law and recognized by the law as having a corporate name, and being entirely separate and distinct from the people who own it; having continuous li

The giving of consideration to support an offeror's promise to hold an offer open for a stated or reasonable length of time.

Financial and commercial documents such as drafts, commercial invoices, packing lists, bills of lading, insurance certificates, etc. In Letter of Credit transactions, banks deal with documents alone and are not involved in underlying sales agreements. commercial documents such as drafts, commercial invoices, packing lists, bills of lading, insurance certificates, etc. In Letter of Credit transactions, banks deal with documents alone and are not involved in underlying sales agreements. commercial documents such as drafts, commercial invoices, packing lists, bills of lading, insurance certificates, etc. In Letter of Credit transactions, banks deal with documents alone and are not involved in underlying sales agreements.

Documents, such as commercial invoices, certificates of origin, packing lists, bills of lading, etc., usually covering a merchandise transaction.

A financing instrument issued by a bank in favor of an exporter that substitutes the bank's creditworthiness for that of the importer.

The person or company that sells or arranges to transport goods out of a country.

The balance sheet, income statement, statement of changes in financial position, statement of changes in owners' equity accounts, cash flow statement and notes.

Assumes that a business entity has a reasonable expectation of continuing in business at a profit for an indefinite period of time.

A financial statement listing the assets, liabilities and owner's equity of a business entity as of a specific date.

An accounting technique by which management gradually recovers the cost of expensive fixed assets over the course of their expected lives.

Testimony of witnesses and facts presented to the court and jury by way of writings and exhibits, which impress the minds of the court and jury, to the extent that an allegation has been proven.

The privilege of buying goods, services or borrowing money in return for a promise of future payment.

Documents, such as commercial invoices, certificates of origin, packing lists, bills of lading, etc., usually covering a merchandise transaction.

A right to the payment of money such as agency notes, commercial paper, T-Bills, certificates of deposit (CD's), banker's acceptances and repurchase agreements.

Cash or other items received in exchange for merchandise or services.

A medium of exchange; coined or stamped currency.

The unsecured promissory notes of large, financially sound corporations.