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Chapter 3 Accounting

TermDefinition
property anything of value that a business or person owns and therefore controls
financial claim legal right to an item
credit an agreement to pay for a purchase at a later time; an entry on the right side of an account
creditor a business or person to whom money is owed
assets property or items of value owned by a business
equities the total financial claims to the assets of a business
owner's equity the owners claim to the assets of the business
liabilities amounts owed to creditors; the claims of creditors to the assets of a business
accounting equation the accounting relationship between assets and the 2 types of equities . assets = liabilities + owners equity
business transaction an economic event that causes a change-either an increase or a decrease-in assets, liabilities, or owner's equity
account a subdivision under assets, liabilities, or owner's equity that summarizes the changes and shows the balance for a specific item
accounts recievable the amount 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
revenue income earned from the sale of goods and service
expense the cost of goods or services used to operate a business
withdrawal the removal of cash or another asset from the business by the owner for personal use
Created by: Janna.Curtis
 

 



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