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Accounting Equation

Parson - Chp 3

QuestionAnswer
Property Anything of value that is owned or controlled. It is the legal right or financial claim to that item.
Financial claims or property rights is the legal rights to an item.
Credit buying property with an agreement to pay for it later.
Creditor Any person or business to which you owe money.
Assets property or items of value owned by a business
Equity Financial claims to the Assets of a business.
Investments Assets, generally long-term in nature, that are not inteded to be converted to cash or to be used in the normal operations of the business in the next accounting period.
Owner's Equity The owner's claims to the assets of the business.
Liabilities Creditor's claims to the assets of the buisness.
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 shows the balance for a specific item, such as cash or computer equipment.
Accounts Receivable the total amount of money owed to a business. Money you will receive in the future.
Accounts Payable Amount of money owed, or payable, to the creditors of a business.
On account When a business or individual buys an item on credit.
Revenue Income earned from the sale of goods or services
Expense price paid for goods or services used to operate a business.
withdrawal Owner takes cash or other assets from the business for personal use.