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