Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
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
Normal Size Small Size show me how
chapter 3 ACC
chapter 3 accounting
| Term | Definition |
|---|---|
| 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
Popular Accounting sets