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Accounting Chapter 3

TermDefinition
Property Anything of value that a person or business owns and therefore controls.
Financial Claim a legal right to an item
credit an 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 the total financial claims to the assets of a business
owner's equity the owner's claim to the assets of a business
liabitlities amounts owed to creditors; the claims of creditors to the assets of a business
accounting equation assets = liabilities + owner's equity
business transaction an economic event that causes a change -- either an increase or decrease -- in assets, liabilities, or owner's equity
account a subdivision under assets, liabilities, or owner's equity that summarizes the changes and shows the balance for each specific item
accounts receivable the amount of money owed to a business by its credit customers
accounts payable the amount of money owed, or payable, to the creditor of a business
investment money or other property provided for the purpose of making profit
on account the purchase of an item on credit
revenue income earned from the sale of goods and services
expense the cost of goods or services used to operate a business
withdrawal the removal of cash or another asset from the business by the owner for personal use