Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
remaining cards
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Chapter 3

property anything of value that a business or person owns and therefore controls
financial claim 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 person or business 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
liabilities amounts owed to creditors; the claims of creditors to the assets of a business
accounting equation the accounting relationship between assets and the two types of equities Assets = Liabilities + Owner's Equity
business transaction an economic event that causes a change-either an increase or a 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 a 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 creditors of a business
investment money or other property provided for the purpose of making a 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
Created by: 574921