chapter 3

Created by 15brandtca 

Upgrade to
remove ads

accouting

property

anything of value that a person or business owns

equities

are financial claims to assets

owners equity

owners financial claims

liabilities

creditors financial claim to the asset

credit

an agreement to purchase at a later time with interest.

creditor

business or person to which money is owed

business transaction

is an event that causes a change in assets liabilities or owners equity

accounts recievable

asset account

accounts payable

a liability account

investment

money or other property paid out in order to produce a profit

on account

purchasing something on a credit card

account

a subdivision under assets liabilities or owners equity that summarizes the changes and shows the balance for a specific item

revenue

income earned from the sales of goods and services

expenses

costs to keep a business running, ex) rent, utilities ect...

withdrawal

cash or other assets from the business

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set