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Chapter 3

Accouting

TermDefinition
Property Anything of Value that a person or business owns and therefore controls
Financial Claim Legal right to an item
Credit Buy something and agree to pay for it later
Creditor The business person selling u something on credit
Assets Property owned by business
Equities Financial claims to assests
Owners equity Owners claim to assets in dollar form
Liabilities Debt of the business
Accounting equation Assets= Liabilities Plus Owners equity
business transaction Economic event that causes a change- either an increase or a decrease
Account Subdivision under assets, liabilities or owners equity
Accounts recieveable total amount of money owed to a business- money to be received later
Accounts payable Amount owed or payable to the creditors if a business
Investment Money or other property paid out in order to produce profit
On account Buying an item on credit
revenue Income earned from the sale goods or services
Expense Cost off products or services used to operate a business
Withdrawl Owner will take cash or other assets from business for personal use
Created by: 375517