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Accounting

Chapter 2

QuestionAnswer
Property items of value that are owned or controlled by a business; economic resources of a business.
Property rights creditors' and owners' financial claims to the assets 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.
Creditor a person or business that has a claim to the assets of a business; a person or business to which money is owed.
Assets property or economic resources owned by a business or individual.
Equity the total financial claims to the assets, or property, of a business.
Owner's equity the owner's claims to or investment in the assets of the business
Liabilities amounts owed to creditors; the claims of creditors to the assets of the business.
Basic accounting equation assets = liabilities + owner's equity; shows the relationship between assets and total equities.
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 basic accounting equation used to summarize increases and decreases in assets, liabilities, and owner's equity.
Accounts receivable an amount to be received from a customer for goods or services sold on credit.
Accounts payable an amount owed to a creditor for goods or services bought on credit.
Capital the money invested in a business by an owner; the owner's equity in a business; the owner's claim or right to a business's assets.
On account buying credit; agreeing to pay for an item later.
Revenue income earned by a business from its operations; revenue increases owner's equity.
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 other asset from the business by the owner for person use.
Created by: jae.moore124