Anything of value that is owned or controlled.
Creditors' and owners' financial claims to the assets of a business.
Any legal right to a certain item.
An agreement to pay for a purchase at a later time; an entry to the right side of a T account.
A person or business that has a claim to the assets of a business; a person or business to which money is owned.
Property or items of value owned by a certain business.
The total financial claims to the assets of a business.
Assets owned by a business but not used in the operation of a business.
Owner's claims to the assets of a business.
Amounts owed to creditors; the claims of creditors to the assets of the business.
The basis for keeping all accounting records in balance.
A business event such as buying, selling, or exchange of goods, that causes a change in the assets, liabilities, or owner's equity of a business.
Subdivision under the three sections of the accounting equation used to summarize increases and decreases in assets, liabilities, and owner's equity.
The total amount of money owed to a business.
The amount of money owed, or payable, to the creditors of a business.
When a business or individual buys an item on credit.
Income earned from the sale of goods or services.
The cost of the goods or services that are used to operate a business; expenses decrease owner's equity.
The removal of cash or another asset from the business by the owner for personal use.