Chapter 2
Help!
|
|
||||
|---|---|---|---|---|---|
| Property | items of value that are owned or controlled by a business; economic resources of a business.
🗑
|
||||
| Property rights | creditors' and owners' financial claims to the assets of a business.
🗑
|
||||
| Credit | an agreement to pay for a purchase at a later time; an entry to the right side of a T account.
🗑
|
||||
| Creditor | a person or business that has a claim to the assets of a business; a person or business to which money is owed.
🗑
|
||||
| Assets | property or economic resources owned by a business or individual.
🗑
|
||||
| Equity | the total financial claims to the assets, or property, of a business.
🗑
|
||||
| Owner's equity | the owner's claims to or investment in the assets of the business
🗑
|
||||
| Liabilities | amounts owed to creditors; the claims of creditors to the assets of the business.
🗑
|
||||
| Basic accounting equation | assets = liabilities + owner's equity; shows the relationship between assets and total equities.
🗑
|
||||
| Business transaction | a business event, such as the buying, selling, or exchange of goods, that causes a change in the assets, liabilities, or owner's equity of a business.
🗑
|
||||
| Account | subdivision under the three sections of the basic accounting equation used to summarize increases and decreases in assets, liabilities, and owner's equity.
🗑
|
||||
| Accounts receivable | an amount to be received from a customer for goods or services sold on credit.
🗑
|
||||
| Accounts payable | an amount owed to a creditor for goods or services bought on credit.
🗑
|
||||
| Capital | the money invested in a business by an owner; the owner's equity in a business; the owner's claim or right to a business's assets.
🗑
|
||||
| On account | buying credit; agreeing to pay for an item later.
🗑
|
||||
| Revenue | income earned by a business from its operations; revenue increases owner's equity.
🗑
|
||||
| Expense | the cost of the goods or services that are used to operate a business; expenses decrease owner's equity.
🗑
|
||||
| Withdrawal | the removal of cash or other asset from the business by the owner for person use.
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
jae.moore124
Popular Accounting sets