Accounting Chapter 3 Word Scramble
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Term | Definition |
Property | Anything of value that a person or business owns and therefore controls. |
Financial Claim | a legal right to an item |
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 |
assets | property or items of value owned by a business |
equities | the total financial claims to the assets of a business |
owner's equity | the owner's claim to the assets of a business |
liabitlities | amounts owed to creditors; the claims of creditors to the assets of a business |
accounting equation | assets = liabilities + owner's equity |
business transaction | an economic event that causes a change -- either an increase or decrease -- in assets, liabilities, or owner's equity |
account | a subdivision under assets, liabilities, or owner's equity that summarizes the changes and shows the balance for each specific item |
accounts receivable | the amount of money owed to a business by its credit customers |
accounts payable | the amount of money owed, or payable, to the creditor of a business |
investment | money or other property provided for the purpose of making profit |
on account | the purchase of an item on credit |
revenue | income earned from the sale of goods and services |
expense | the cost of goods or services used to operate a business |
withdrawal | the removal of cash or another asset from the business by the owner for personal use |
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chalindriafulkerson
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