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Chapter 3

Accounting

TermDefinition
Property Anything of value that a business or person owns and therefore controls.
Financial claim Legal right to an item.
Credit Agreement to pay for a purchase at a later time; an entry on the right side of an account.
Creditor A business or person to whom money is owed.
Assets Property or items of value owned by a business.
Equities Total financial claims to the assets of a business.
Owner's Equity Owner's claims to the assets of the business
Liabilities Amounts owned to creditors; the claims of creditors to the assets of a business.
Accounting Equation Accounting relationship between assets and the two types of equities. Assets = liabilities + owner's equity.
Business Transaction Economic event that causes a change - either an increase or a decrease - in assets, liabilities, or owners equity.
Account Subdivision under assets, liabilities, or owner's equality that summarizes the changes and shows the balance for a specific item.
Accounts Receivable Account of money owed to the business by its credit customers.
Accounts Payable Amount of owed, or payable, to the credit customers
Investment Money or other property provided for the purpose of making a profit.
On Account Purchase of an item on credit.
Revenue Income earned from the sales of goods and service.
Expense Cost of goods or services used to operate a business.
Withdrawal Removal of cash or another asset from the business by the owners for personal taste.
Created by: 226818