a short-term liability representing a company's financial obligation to pay its vendors or suppliers for goods and services received on credit

the money that customers owe a business for goods or services they received on credit

Credit is an agreement where a borrower receives money or goods now and promises to repay the lender later, usually with interest.

A creditor is a person, company, or institution that lends money or extends credit/services to another party, who is known as the debtor.

the outflow of money or other resources to pay for goods, services, or operations

the commitment of money or resources into an asset with the expectation of generating a profit or gaining value over time

buying, selling, or paying for goods and services on credit, or making a partial payment toward a total balance with the rest due later

any tangible or intangible item or asset that an individual, group, or business legally owns

the total amount of money a business earns from selling goods or services before subtracting any expenses.

pulling money from a bank account

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accounting chaper 3

Question	Answer
accounts payable	a short-term liability representing a company's financial obligation to pay its vendors or suppliers for goods and services received on credit
accounts receivable	the money that customers owe a business for goods or services they received on credit
credit	Credit is an agreement where a borrower receives money or goods now and promises to repay the lender later, usually with interest.
creditor	A creditor is a person, company, or institution that lends money or extends credit/services to another party, who is known as the debtor.
expense	the outflow of money or other resources to pay for goods, services, or operations
investment	the commitment of money or resources into an asset with the expectation of generating a profit or gaining value over time
on account	buying, selling, or paying for goods and services on credit, or making a partial payment toward a total balance with the rest due later
property	any tangible or intangible item or asset that an individual, group, or business legally owns
revenue	the total amount of money a business earns from selling goods or services before subtracting any expenses.
withdrawal	pulling money from a bank account

Created by: Akamae27

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