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Accounting Ch.3

Accounting Ch. 3

TermDefinition
Accounts Payable The amount of money owed, or payable, to the creditors of a business
Accounts Receivable The amount of money owed to a business by its credit customers
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
Expense The cost of goods or services used to operate a business
Investment Money or other property provided for the purpose of making a profit
On Account The purchase of an item on credit
Property Anything of value that a business or person owns and therefore controls
Revenue Income earned from the sale of goods and services
Withdrawal The removal of cash or another asset from the business by the owner for personal use
Created by: smonroy21
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