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Chapter 3
Accounting I Chapter 3
| Question | Answer |
|---|---|
| asset | property or items of value owned by a business |
| financial claim | a legal right to an item |
| credit | you buy something and agree to pay for it later |
| creditor | a person or business to which you owe money |
| owner's equity | the owner's claim to the assets of a business |
| liability | creditors' claims to the assets of a business; debts |
| accounting equation | assets = liabilities + owner's equity |
| business transaction | an economic even that causes a change in assets, liabilities, or owner's equity |
| account | a subdivision under assets, liabilities, or owner's equity |
| accounts receivable | money owed to a business |
| accounts payable | money owed by a business to its creditors |
| investment | money or other property paid in order to produce profit |
| on account | buying or selling an item on credit |
| revenue | income earned by a business from the sale of goods or services |
| expense | the cost of goods or services used to operate a business |
| withdrawal | the owner takes cash or other assets out of the business for personal use |
Created by:
mkay52
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