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Chapter 3

account a sub division 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 recievable the amount of money owed to a business by its credit customers
assets property or items of value owed by a business
business transaction an economic event that causes a change--either a decrease or an increase--in assets, liabilities, or owner's equity
credit an agreement to pay for a purchase at later time; an entry on the right side of an account
creditor a business or person to whom money is owed
equities the total financial claims to the assets of a business
expense the cost of goods or services used to operate a business
financial claim legal right to an item
investment money or other property provided for the purpose of making a profit
liabilities amounts owed to creditors; the claims of creditors to the assets of a business
on account the purchase of an item on account
owner's equity the owner's claims to the assets of the business
property anything of value that the business or person owns and therefore controls
revenue income earned from the sale of goods and services
withdrawl the removal of cash or another asset from the business by the owner for personal use.
Created by: 329117
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