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ummm.. acounting3

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 Anything of value that a business or person owns and therefore controls.
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: cstephen2
 

 



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