Save
Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


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.
We do not share your email address with others. It is only used to allow you to reset your password. For details read 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
share
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 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
 

 



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