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Accounting

Chapter 3

TermDefinition
Business transaction An economic event that causes a change- either an increase or a decrease- in assets, liabilities, or owner's equity.
accountant A person who handles a broad range of responsibilities, makes business decisions, and prepares and interprets financial reports.
accounts receivable The mount of money owed to a business by its credit customers
accounts payable the amount of money owed or payable to the creditors of a business.
investment Money or other property provided for the purpose of making a profit
on account the purchase of an item on credit
Created by: 304715
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