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Accounting Chapter 3

TermDefinition
Account is a subdivision under assets, liabilities, or owner's equity
Accounting Equation The relationship between assets and two types of equities(liability and owners equity).
Accounts Payable is the amount owed, or payable, to the creditor of a business
Assets property or items of value owned by the business are referred to as
Business Transaction is an economic event that causes a change either an increase or a decrease- in assets, liabilities, or owner's equity
Credit you buy something and agree to pay for it later
Creditor a person or business selling you the item on credit in other words
Equities the accounting term for financial claims to assets
Expense is the cost of the products or services used to operate a business
Financial Claim is a legal right to an item
Investment is money or the other property paid out in order to produce profit
Liabilities the creditors claims to assets of the businesses
On Account when a business buys an item on credit
Owner's Equity the owners claims to assets of the businesses
Property anything of value that a person or business owns and therefore controls
Revenue Income earned from the sale of goods or service
Withdrawal decreases both assets and owner's equity
Account Receivable the total amount of money owned by a business; is an asset
Created by: zwestbrook27
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