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Accounting Chapter 3

QuestionAnswer
account A subdivision under assets, liabilities, or owner’s equity that summarizes the changes and shows the balance for a specific item.
accounting equation The accounting relationship between assets and the two types of equities. Assets=liabilities+owner’s equity.
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.
assets Property or items of value owned by a business.
business transaction An economic event that causes a change either an increase or a decrease in assets, liabilities, or owner’s equity.
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.
equities The total financial claims to the assets of a business.
expense The cost of goods or services used to operate a business.
financial claim Legal right to an item.
investment Money or other property provided for the purpose of making a profit.
liabilities Amounts owed to creditors; the claims of creditors to the assets of a business.
on account The purchase of an item on credit.
owner’s equity The owner’s claims to the assets of the business.
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: ashipley250
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