Identification

Question 1

Refers to the companies obligation, debts that it owes to external parties which can include individual, business, financial decisions.

Answer 1

Liabilities

Question 2

A legal entity that is seperate from its owners or stockholders and is capable of owning assets, entering contracts, and incurring liabilities.

Answer 2

Corporation

Question 3

A legal process which a business becomes a corporation.

Answer 3

Incorporation

Question 4

Note as a fundamental component of double entry bookkeeping where each transaction affects atleast two accounts one receiving debit and the other a credit.

Answer 4

Dual aspect concept

Question 5

The entity on the left side of an account and typically records money flowing into an account

Answer 5

Debit

Question 6

Entry on the right side of an account typically records money flowing out of an account.

Answer 6

Credit

Question 7

Book of second entry.

Answer 7

Ledger