Accounting Word Scramble
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| Question | Answer |
| 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. |
Created by:
jae.moore124
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