Archive:BiP 2009 Section 20 Vocabulary Wiki: Difference between revisions
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'''Debt''' is something (usually assets) that is owed to a creditor. It contributes to a decrease in future purchasing power. It is an accumulation of deficits. | '''Debt''' is something (usually assets) that is owed to a creditor. It contributes to a decrease in future purchasing power. It is an accumulation of deficits. | ||
'''Debit''' is a term used in accounting to keep track of financial transactions. Debits are always recorded on the left side in double-entry accounting. A debit in the asset account is an increase, while a debit in the liabilities or equity accounts is a decrease. Assets = Liabilities + Equity | '''Debit''' is a term used in accounting to keep track of financial transactions. Debits are always recorded on the left side in double-entry accounting. A debit in the asset account is an increase, while a debit in the liabilities or equity accounts is a decrease. Assets = Liabilities + Equity | ||
'''Deficit''' occurs when more money is spent than is received. Remedies of a budget deficit include borrowing, issuing of bonds, or sales of assets. However, such solutions can cause inflation. | '''Deficit''' occurs when more money is spent than is received. Remedies of a budget deficit include borrowing, issuing of bonds, or sales of assets. However, such solutions can cause inflation. | ||
~Juliet Huang | ~Juliet Huang | ||
Revision as of 20:36, 21 February 2009
Business and its Publics (BiP) 2009. Section 20 Vocabulary Wiki.
Enter new vocabulary terms here, and sign your name. Then contribute definitions to open vocabulary terms. BiP2009S20 20:51, 20 January 2009 (UTC)
Enter new definitions in the format of Definition List as follows:
- Word
- Definition of the word
or
- Longer Phrase
- phrase defined at length, such that, even with a relatively large window width one can see that the wrapping of the text maintains the indentation of the definition and thus a highlight of the defined term. This accentuates readability of the list.
To get started, click the "edit" button next to the headline, and copy the formatting codes from the examples above.
Section 501(c)(3): Section 501(c)(3) of the Internal Revenue Code is a tax law that exempts non-profit organizations from federal income taxes. The organization must not operate for private interests, but public interests. Educational, religious, and charitable corporations generally qualify for Section 501(c)(3). The tax law exemption does not include other federal taxes, such as employment taxes. -Sneha Venkateswaran
TLA stands for Three-Letter Acronym, an abbreviation that consists of three letters. WTO, IMF, and NGO are organizations whose names are written in TLA. WTO is an abbreviation for World Trade Organization, IMF for International Monetary Fund, and NGO for Non-Governmental Organization. WTO is a global organization, established in 1995, that deals with the rules of trade between nations. IMF is another international organization that was established in order to promote international trade, high employment, and economic growth, and encourage monetary cooperation. - Scarlett Lee
Debt is something (usually assets) that is owed to a creditor. It contributes to a decrease in future purchasing power. It is an accumulation of deficits.
Debit is a term used in accounting to keep track of financial transactions. Debits are always recorded on the left side in double-entry accounting. A debit in the asset account is an increase, while a debit in the liabilities or equity accounts is a decrease. Assets = Liabilities + Equity
Deficit occurs when more money is spent than is received. Remedies of a budget deficit include borrowing, issuing of bonds, or sales of assets. However, such solutions can cause inflation. ~Juliet Huang