Save
Busy. Please wait.
Log in with Clever
or

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever
or

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Accounting Chapter 3

QuestionAnswer
account A subdivision under assets, liabilities, or owner’s equity that summarizes the changes and shows the balance for a specific item.
accounting equation The accounting relationship between assets and the two types of equities. Assets=liabilities+owner’s equity.
accounts payable The amount of money owed, or payable, to the creditors of a business.
accounts receivable The amount of money owed to a business by its credit customers.
assets Property or items of value owned by a business.
business transaction An economic event that causes a change either an increase or a decrease in assets, liabilities, or owner’s equity.
credit An agreement to pay for a purchase at a later time; an entry on the right side of an account.
creditor A business or person to whom money is owed.
equities The total financial claims to the assets of a business.
expense The cost of goods or services used to operate a business.
financial claim Legal right to an item.
investment Money or other property provided for the purpose of making a profit.
liabilities Amounts owed to creditors; the claims of creditors to the assets of a business.
on account The purchase of an item on credit.
owner’s equity The owner’s claims to the assets of the business.
property Anything of value that a business or person owns and therefore controls.
revenue Income earned from the sale of goods and services.
withdrawal The removal of cash or another asset from the business by the owner for personal use.
Created by: ashipley250
Popular Accounting sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards