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Chapter 3


Property is anything of value that a person or business owns and therefore controls
Financial claim is a legal right to an item
Credit when you buy something and agree to pay for it later
Creditor the business or person selling you the item on credit
Assests property or items of value owned by a business
Equities accounting term for the financial claims
Owners equity the owners claims to the assets of the business
Liabilities Amounts owed to creditors; the claims of creditors to assets of a business
Accounting equation the relationship between assets and the two types of equities (liabilities and owners equity)
Business transaction An economic event that causes a change - either an increase or decrease- in assets, liabilities, owner's equity
Account A subdivision under assets, liabilities, or owner's equity that summarizes the changes and shows the balance for a specific term
Accounts Recievable The amount of money owed to a business by its credit customers
Accounts Payable The amount of money owed, or payable, to the creditors of a business
Investment Money or other property provided for the purpose of making a profit
On Account The purchase of an item on credit
Revenue Income earned from the sale of goods and services
Expense The cost of goods or services used to operate a business
Withdrawal The removal of cash or another asset from the business by the owner for personal use
Created by: 308918
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