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15 terms

chapter 3

accouting
STUDY
PLAY
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