Century 21 Accounting, 9e, Chapters 21-24

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Here are links to our lists for the textbook: Chapters 1-3, Chapters 4-7, Chapters 8-10, Chapters 11-14, Chapters 15-20, Chapters 21-24
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Full list of words from this list:

words only definitions & notes
  1. accrue
    grow by addition
    College degrees are usually well worth the investment and most students accrue only manageable debt along the way to their degree. Forbes (Sep 18, 2014)
  2. intellectual property
    intangible property that is the result of creativity
    So, we invent this property right, this intellectual property called a patent, so that people can make a profit. Forbes (Oct 12, 2014)
  3. reverse
    change to the contrary
    Historic judgment errors over those years takes several years to reverse. Forbes (Oct 25, 2014)
  4. working capital
    assets available for use in the production of further assets
    Hard pressed mine operators are selling inventory to meet needs for working capital. Forbes (Aug 12, 2014)
  5. distribution
    the act of spreading or apportioning
    But what is actually being reported is that the inequality of the distribution of marketable, financial, wealth is rising. Forbes (Oct 23, 2014)
  6. limited liability
    the liability of a firm's owners for no more than the capital they have invested in the firm
    Limited liability protects the owners’ personal assets, which ordinarily can’t be taken to pay the debts of the corporation. Slate (Mar 17, 2014)
  7. liquidation
    termination of a business operation by using its assets to discharge its liabilities
    If the company closes and then files for bankruptcy protection, all its assets will be sold in a Chapter 7 liquidation. Washington Post
  8. partner
    a person who is a member of a cooperative relationship
    Washington is the fifth-largest state trading partner of Europe, which accounted for $12.9 billion in goods exported from here last year. Seattle Times (Oct 24, 2014)
  9. partnership
    the members of a business venture created by contract
    For a company with thousands of trading partners, imagine how much in resources it gobbles up just to manage and keep every partnership aligned. Forbes (Oct 23, 2014)
  10. agreement
    the statement (oral or written) of an exchange of promises
    Following a recent wage agreement with the union, local manufacturing lines will operate at a higher rate and boost production, it said. US News (Oct 23, 2014)
  11. realization
    a sale in order to obtain money or the money so obtained
    When the relationships are managed well, accounting firm family offices have exceptional realization rates. Forbes (Oct 22, 2014)
  12. bill of lading
    a receipt given by the carrier to the shipper acknowledging receipt of the goods being shipped and specifying the terms of delivery
    “Iran had a great reputation; now we have to falsify bills of lading, hide the oil’s origin and store oil on ships.” New York Times (Jul 4, 2012)
  13. commercial
    connected with or engaged in the exchange of goods
    The federal Transportation Department recently announced the grants to help train veterans to be commercial truck drivers or school bus drivers. Washington Times (Oct 25, 2014)
  14. contract
    a binding agreement that is enforceable by law
    The poorest had long benefited from rent reductions - some of them officially documented contracts, others informal arrangements with well-meaning public officials. Reuters (Oct 24, 2014)
  15. draft
    a document ordering the payment of money
    A separate draft bill would redirect this funding to the NIH director’s office, to be used for “emerging scientists.” Science Magazine (Oct 3, 2014)
  16. export
    a commodity sold to a foreign country
    Oil revenue has helped Norway become quite wealthy and accounts for a majority of the country’s exports. Time (Oct 25, 2014)
  17. import
    commodities bought from a foreign country
    Imports from China, the largest exporter into the American market, were just a tenth of 1 percent higher. New York Times (Oct 24, 2014)
  18. letter of credit
    a document issued by a bank that guarantees the payment of a customer's draft; substitutes the bank's credit for the customer's credit
    Letters of Credit and prepayments are a very good idea if you want to be paid for your goods and services. Forbes (Sep 21, 2011)
  19. sight draft
    a draft payable on presentation
    Upon receipt of the goods and of the invoice, I shall at once forward a sight draft on the Broadway National Bank of your city. Buhlig, Rose
  20. time draft
    a draft payable at a specified future date
    No. 4 is a time draft payable to "ourselves"—that is, the Pennsylvania Steel Company. Eaton, Seymour
  21. trade acceptance
    a bill of exchange for a specific purchase
    This activity is now carried on by the commercial banker, who handles trade acceptances, bills of exchange, and the like. Nearing, Scott
Created on Fri Oct 24 13:09:18 EDT 2014 (updated Mon Oct 27 07:00:40 EDT 2014)

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