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Chpt. 3 Accounting

Business transations An economic event that causes a change-- either a increase or a decrease-- in assets, liabilities, or owners equity
Account a subdivision under assets, liabilities, or owners 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 customer
Accounts payable The amount of money owed to a business by its credit cusomers
Account equation The accounting relationship between assets and the two types of equities assets = liabilities + owners equity
Assets Things that are resources owned by a company and which have future economic value that can be measured and can be expressed in dollars. Examples include cash, investments, accounts receivable, inventory, supplies, land, buildings, equipment, and vehicles.
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
Equiities The total financial claims to the assets of a business
Expense The cost of goods or services used to operate a business
Financial claim Legal right to an item
Investment Money or other property provided for the purpose of making a profit.
Liabilities Amounts owed to creditors; the claims of creditors to the assets of a business
On account The purchase of an item on credit
Owners equity The owners claims to the assets of the business
Property It is the second long term asset section after current assets. Included are land, buildings, leasehold improvements, equipment, furniture, fixtures, delivery trucks, automobiles, etc. that are owned by the company.
Revenue revenue in business is the gross income received by an entity from its normal business activities before any expenses have been deducted.
Withdrawl an act of taking money out of an account.
Created by: 237518