11:21 vil : Introduction to accounting Final Exa... Exercise 3: Review your understanding of the following concepts and terms by writing a short explanation of each of them: 1) Accountancy 2) Entity concept 3) Balance sheet 4) Realization concept 5) Trade credit 6) Trading cycle and credit transactions 7) A-C+L 8) Current liabilities 9) Fixed assets 10) Current assets 11) Gross assets 12) Historic cost