Property & Financial Claims

18 terms by pretty_gurl_swagg

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property

something owned

financial claim

A written promise to pay a specific sum of money (the principal) plus interest for the privilege of borrowing money over a period of time. Financial Claims are issued by DSUs (liabilities) and purchased by SSUs (assets)

credit

used in the phrase 'to your credit' in order to indicate an achievement deserving praise

creditor

Any bank or business that extends credit to others; a lender.

assets

money and other valuables belonging to an individual or business

equities

the money value of a property or of an interest in a property in excess of claims or liens against it.

owner's equity

the diffrence between a person's and family's assets and liabilities

liabilities

Organization's debts and other financial obligations.

accounting equation

An equation showing the relationship among assets, liabilities, and owner's equity.

business transaction

This is an economic event that causes a change in the assets, liabilities,or owner's equity of a business.

account

the quality of taking advantage

accounts receivable

Short-term debts owed to a company by others, such as its customers

accounts payable

the total amount owed by the practice to suppliers and other service providers

investment

the ceremonial act of clothing someone in the insignia of an office

on account

when a business buys on credit

revenue

the entire amount of income before any deductions are made

expense

money spent to perform work and usually reimbursed by an employer

withdrawal

the act of withdrawing

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