Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


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. Your email address is only used to allow you to reset your password. See 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
edit
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

Chapter 3

Accounting

TermDefinition
Property Anything of value that a person or a business owns and therefore controls.
Financial Claim Legal right to an item.
Credit When you buy something and agree to pay for it later.
Creditor The person or business selling you the item on credit.
Assets Property or items of value owned by a business.
Equities Financial claims to these assets.
Owner's Equity Owners claims to an asset of the business.
Liabilities Creditor's claims to the assets of a business.
Accounting Equation The accounting relationship between assets and the two types of equities. Assets= Liabilities + Owners Equities
Business Transaction An economic event that causes a change either an increase or a decrease.
Account Is a subdivision under assets, liabilities, or owners equity.
Accounts Receivable Total amount of money owned to a business.
Accounts Payable The amount owned, 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 To take cash or other assets from the business for personal use.
Created by: 333317
Popular Accounting sets

 

 



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