Parson - Chp 3
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| Property | Anything of value that is owned or controlled. It is the legal right or financial claim to that item.
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| Financial claims | or property rights is the legal rights to an item.
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| Credit | buying property with an agreement to pay for it later.
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| Creditor | Any person or business to which you owe money.
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| Assets | property or items of value owned by a business
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| Equity | Financial claims to the Assets of a business.
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| Investments | Assets, generally long-term in nature, that are not inteded to be converted to cash or to be used in the normal operations of the business in the next accounting period.
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| Owner's Equity | The owner's claims to the assets of the business.
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| Liabilities | Creditor's claims to the assets of the buisness.
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| Accounting Equation | Assets = Liabilities + Owner's Equity
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| Business Transaction | an economic event that causes a change, either an increase or decrease, in assets, liabilities, or owner's equity.
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| Account | shows the balance for a specific item, such as cash or computer equipment.
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| Accounts Receivable | the total amount of money owed to a business. Money you will receive in the future.
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| Accounts Payable | Amount of money owed, or payable, to the creditors of a business.
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| On account | When a business or individual buys an item on credit.
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| Revenue | Income earned from the sale of goods or services
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| Expense | price paid for goods or services used to operate a business.
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| withdrawal | Owner takes cash or other assets from the business for personal use.
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