a) Asset b) Generally Accepted Accounting Principles c) Shareholder's Equity d) Dividends e) Accrual Basis Accounting f) Current Assets g) Liquidity h) Time-Period Assumption i) Deferral 1) Not For Profit k) Bank Reconciliation 1) NSF m) Bad Debt Expense n) Accrual 0) Deferral p) Cost of Goods Sold ) Accounts Receivable 1) Residual Value s) Discount 1. Transaction in which cash is exchanged before revenue has been earned or the expense has occurred. 2. Economic resources controlled by the business. 3. Method of accounting that DOES NOT rely on cash to determine the timing of revenue recognition. _4. Measure of how easily an asset can be tumed to cash. 5. The guidelines for financial reporting. _6. The assets a company plans to turn into cash in the next year. 7. The owner's claims to the assets of a company. 8. Has the sole goal of providing goods or services. 9. Means the life of a business is split up into meaningful time periods. 10. Distribution of earnings to shareholders. _11. Action before dollars. (Ex. Provide a service before receiving money) 12. Dollars before action. (Ex. Receive money before providing a service) _13. Actual value of an asset at the end of its useful life. _14. Comparison between the cash balance on a firm's books and the cash balance on the bank statement. _15. When a check bounces" or cannot be cashed due to lack of funds. 16. Amounts customers owe on account. 17. Expense for uncollectible accounts. 18. A reduction in price of inventory purchase for prompt payment. _19. Total amount paid by a fim for the goods sold during the period