"CLEP Financial Accounting," Vocabulary from Chapter 13

This list focuses on supplies and prepaids.

Here are links to all the chapters of the test prep book published by Research & Education Association: Chapter 1, Chapter 2, Chapter 3, Chapter 4, Chapter 5, Chapter 6, Chapter 7, Chapter 8, Chapter 9, Chapter 10, Chapter 11, Chapter 12, Chapter 13, Chapter 14, Chapter 15, Chapter 16, Chapter 17, Chapter 18, Chapter 19, Chapter 20
25 words 14 learners

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Full list of words from this list:

words only definitions & notes
  1. consumption
    the act of using something up
  2. consume
    use up, as resources or materials
  3. method
    a way of doing something, especially a systematic way
  4. supply
    an amount of something available for use
  5. purchase
    acquire by means of a financial transaction
  6. debit
    an accounting entry acknowledging sums that are owing
  7. inventory
    a detailed list of all the items in stock
  8. represent
    take the place of or be parallel or equivalent to
  9. advance
    being ahead of time or need
  10. provide
    give something useful or necessary to
  11. benefit
    something that aids or promotes well-being
  12. liability
    an obligation to pay money to another party
  13. insurance
    contract or certificate of protection against future loss
  14. policy
    written contract or certificate of insurance
  15. lease
    a contract granting use or occupation of property
  16. advertising
    the business of drawing attention to goods and services
  17. acquire
    come into the possession of something concrete or abstract
  18. solicit
    request urgently or persistently
  19. valuable
    having great material or monetary worth
  20. obligation
    a legal agreement specifying a payment or action
  21. handle
    manage effectively
  22. determine
    establish after a calculation, investigation, or experiment
  23. result
    a statement that solves a problem
  24. model
    create a representation of
  25. necessary
    absolutely essential
Created on November 2, 2016 (updated December 14, 2016)

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