Briefly define or explain the following terms. (There is no need to write long.)
Define the following terms:
1. Internal rate of return
2. Balance sheet
3. Activity statement
4. Working capital
5. Liquidity
6. Account payable
7. Account receivable
8. Financial accounting
9. Managerial accounting
10. Generally Accepted Accounting Principle
11. Contra account
12. Deferred revenues
13. Write off