Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

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
Popular Accounting sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards