Review the meaning of the following concepts or terms discussed in this chapter.

a Accounting entity, b Legal entity.

c Sole proprietorship.

d Partnership.

e Corporation.

f Acquisition cost.

g Current replacement cost.

h Net realizable value.

i Present (discounted) value.

j Monetary assets.

k Nonmonetary assets.

l Going concern.

m Objectivity.

n Conservatism.

o Fixed assets.

p Par value.

q Stated value.

r Debit.

s Charge.

t Credit.

u Journal entry.

v General journal.

xGeneral ledger.

y T-account.

z Trial balance.