chapter 3 accounting
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| property | anything of value that a business or person owns
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| financial claim | legal right to an item
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| credit | an agreement to pay for a purchase at a later time
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| creditor | a business or person to whom money is owed
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| assets | property or items of value owned by a business
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| equities | the total financial claims to the assets of a business
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| owner's equity | owners claims to the assets of a business
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| liabilities | amount owed to creditors
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| accounting equation | A = L + O.E
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| account | a subdivision under assets liabilities or owners equity
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| accounts payable | the amount of money owed , or payable to a creditor
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| accounts recievable | the amount of money owed to a business by its credit customers
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| business transaction | an economic event that causes a change either an increase or a decrease in Assets or L or O.E
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| expense | the costs to run the business
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| investment | money or other property provided for the purpose of making a profit
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| on account | purchase of an item on credit
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| revenue | income from the sale of goods and services
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| withdrawal | taking money from the company for personal use
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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.
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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.
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