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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)


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


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


money and other valuables belonging to an individual or business


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


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.


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


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

on account

when a business buys on credit


the entire amount of income before any deductions are made


money spent to perform work and usually reimbursed by an employer


the act of withdrawing

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