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Chapter 3

Accounting I Chapter 3

QuestionAnswer
asset property or items of value owned by a business
financial claim a legal right to an item
credit you buy something and agree to pay for it later
creditor a person or business to which you owe money
owner's equity the owner's claim to the assets of a business
liability creditors' claims to the assets of a business; debts
accounting equation assets = liabilities + owner's equity
business transaction an economic even that causes a change in assets, liabilities, or owner's equity
account a subdivision under assets, liabilities, or owner's equity
accounts receivable money owed to a business
accounts payable money owed by a business to its creditors
investment money or other property paid in order to produce profit
on account buying or selling an item on credit
revenue income earned by a business from the sale of goods or services
expense the cost of goods or services used to operate a business
withdrawal the owner takes cash or other assets out of the business for personal use
Created by: mkay52