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chapter 3 ACC

chapter 3 accounting

property anything of value that a business or person owns
financial claim legal right to an item
credit an agreement to pay for a purchase at a later time
creditor a business or person to whom money is owed
assets property or items of value owned by a business
equities the total financial claims to the assets of a business
owner's equity owners claims to the assets of a business
liabilities amount owed to creditors
accounting equation A = L + O.E
account a subdivision under assets liabilities or owners equity
accounts payable the amount of money owed , or payable to a creditor
accounts recievable the amount of money owed to a business by its credit customers
business transaction an economic event that causes a change either an increase or a decrease in Assets or L or O.E
expense the costs to run the business
investment money or other property provided for the purpose of making a profit
on account purchase of an item on credit
revenue income from the sale of goods and services
withdrawal taking money from the company for personal use
Created by: 342018