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Chp. 3

Accounting Chapter 3 vocab

TermDefinition
Property Is anything of value that a person or business owns and there for controls
Financial Claim Is a legal rright to own a item
Credit When you agree to buy something but pay for it later
Creditor The person selling you the item on credit
Assets Property or items of value owned by a business Ex. Cash, Office Equipment.
Equities The account term for financial claims to assets
Owners Equity The owners claims to the assets of the business
Liabilities The creditors claims to the assets of the businesses
Accounting equation Assets= Liabilities + Owners Equity
Business Transaction Event that causes a change either and increases or decreases in assets
Account Is a subdivision under assets, liabilities, or owners equity.
Accounts Receivable Is the total amount of money owned to a business
Accounts Payable Is the amount owned to the busniness
Created by: Jdegolier16