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Property & Financial Claims

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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