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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