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Chapter 3

QuestionAnswer
Account A subdivision under assets, liabilities, or owner's equity that summarizes the changes and shows the balance for a specific item.
Accounting equation The accounting relationship between assets and the two types of equities. Assets= liabilities+owner's equity.
Accounts payable The amount of money owed, or payable, to the creditors of a business
Accounts receivable The amount of money owned to a business by its credit customers
Assets Property or items of value owned by a buisness
Business transaction An economic event that causes a change-either an increase or a decrease- in assets, liabilities, or owner's equity
Credit An agreement to pay
Creditor
Equities
Expense
Financial claim
Investment
Liabilities
On account
Owner's equality
Property
Revenue
Withdrawal
Created by: 238718