chapter 3 vocab
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8 terms
Terms | Definitions |
|---|---|
| property | anything of value that a person or business owns and therefore controls. |
| financial claim | a legal right to an item |
| credit | when you buy something and agree to pay for it later |
| creditor | the business or person selling you the item |
| assets | property or items of value owned by a business |
| equity | the accounting term for the financial claim to assets |
| owner's equity | the owners claims to the assets of the business |
| liabilities | the creditors claims to the assets of the business |
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