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Chapter 3

Key Terms

TermDefinition
property anything of value a person owns and therefore controls
financial claim a legal right to an item
credit an agreement to pay for a purchase a a later time; an entry on the right side of an account
creditor a business or person to whom money is owed
assets property or items of value owned by a business
equities total financial claims to the assets of a business
owner's equity owner's claim to the assets of the business
liabilities creditor's claims to the assets of the business
accounting equation ASSETS = LIABILITIES + OWNER'S EQUITIES
business transaction an economic event that causes a change in assets, liabilities, or owner's equity.
account subdivision under assets, liabilities, or owner's equity that summarizes the changes and shows the balance for a specific item
Accounts Receivable total amount owed to a business
Accounts Payable amount owed to the creditors of a business
investment money or other property paid out in order to produce a profit
on account the purchase of an item on credit
revenue income earned from the sale of goods or services
expense cost of products of services used to operate a business
withdrawal the removal of cash or another asset from the business by the owner for personal use
Created by: talenswan1