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Accounting

Chapter 3

TermDefinition
Property Items of value that are owned or controlled by a business; economic resources of a business.
Financial Claim Legal rights to an item. financial reports Summarized information about the financial status of a business.
Credit An agreement to pay for a purchase at a later time; an entry to the right side of a T account. credit cards Cards containing a customer's name and account number presented when buying merchandise on account.
Creditor A person or business that has a claim to the assets of a business; a person or business to which money is owed.
Assests Property or items of value owned by a business.
Equity The total financial claims to the assets, or property, of a business.
Owner's Equity Owner's claims to the assets of the business.
Liabilities Amounts owed to creditors; the claims of creditors to the assets of the business.
Accounting Equation The basis for keeping all accounting records in balance. Assets = liabilities + owner's equity
Business Transaction A business event, such as the buying, selling, or exchange of goods, that causes a change in the assets, liabilities, or owner's equity of a business.
Account Subdivision under the three sections of the accounting equation used to summarize increases and decreases in assets, liabilities, and owner's equity.
Accounts Receivable The total amount of money owed to a business.
Accounts Payable The amount of money owed, or payable, to the creditors of a business.
Investment Those assets owned by a business but not used in the operation of the business.
On Account When a business or individual buys an item on credit.
Revenue Income earned from the sale of goods and services.
Expense The cost of the goods or services that are used to operate a business; expenses decrease owner's equity.
Withdrawal The removal of cash or another asset from the business by the owner for personal use.
Created by: erinlarson