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anything of value that a person or business owns


are financial claims to assets

owners equity

owners financial claims


creditors financial claim to the asset


an agreement to purchase at a later time with interest.


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


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

on account

purchasing something on a credit card


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


income earned from the sales of goods and services


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


cash or other assets from the business

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