Accounting Equation Word Scramble
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| Question | Answer |
| Property | Anything of value that is owned or controlled. It is the legal right or financial claim to that item. |
| Financial claims | or property rights is the legal rights to an item. |
| Credit | buying property with an agreement to pay for it later. |
| Creditor | Any person or business to which you owe money. |
| Assets | property or items of value owned by a business |
| Equity | Financial claims to the Assets of a business. |
| 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. |
| Owner's Equity | The owner's claims to the assets of the business. |
| Liabilities | Creditor's claims to the assets of the buisness. |
| Accounting Equation | Assets = Liabilities + Owner's Equity |
| Business Transaction | an economic event that causes a change, either an increase or decrease, in assets, liabilities, or owner's equity. |
| Account | shows the balance for a specific item, such as cash or computer equipment. |
| Accounts Receivable | the total amount of money owed to a business. Money you will receive in the future. |
| Accounts Payable | Amount of money owed, or payable, to the creditors of a business. |
| On account | When a business or individual buys an item on credit. |
| Revenue | Income earned from the sale of goods or services |
| Expense | price paid for goods or services used to operate a business. |
| withdrawal | Owner takes cash or other assets from the business for personal use. |
Created by:
yparson
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