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Accoounting

Chapter 3

TermDefinition
Property Anything of value that a person or business owns and therefore controls
Financial Claim A legal right to an item
Credit When you buy something and agree to pay for it later
Creditor The business or person selling you the item on credit
Assets Property or items of value owned by a business
Equities
Owner's Equity The owner's claims to the assets of the business
Liabilities The creditor's claims to the assets of the business
Accounting Equation ASSETS = LIABILITIES + OWNER'S EQUITY
Business Transaction An economic event that causes a change- either an increase or decrease- in assets, liabilities, or owner's equity
Account a subdivision under assets, liabilities, or owner's equity
Accounts Receivable The total amount of money owed to a business- money to be received later because of the sale of goods or services on credit
Accounts Payable The amount owed, or payable, to the creditors of a business
Investment Money or other property paid out in order to produce profit
On Account When a business buys an item on credit
Revenue Income earned from the sale of goods or services
Expense The cost of products or services used to operate a business
Withdrawl
Created by: 535816