anything of value that a person or business owns
are financial claims to assets
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
is an event that causes a change in assets liabilities or owners equity
a liability account
money or other property paid out in order to produce a profit
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