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18 Cards in this Set
- Front
- Back
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Account |
subdivision under assets, liabilities, or owners equity. |
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Accounting Equation |
assets=liabilities+owners equity |
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Accounts payable |
amount owed, or payable, to the creditors of a business |
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Accounts revievable |
total amount of money owed to a business |
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Assets |
properties or items of value owned by a business |
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Business transaction |
economic event that causes a change either an increase or decrease
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Credit |
when you buy something and agree to pay for it later |
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Creditor |
the business or person selling you the item |
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Equities |
accounting term for the financial claims to the assets |
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Expense |
the cost of products or services used to operate a business |
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Financial claim |
legal right to an item |
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Investment |
money or other property paid out in order to produce profit
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Liabilities |
creditors claims to the assets of the business
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On account |
when a business buys an item on credit |
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Owners equity |
the owners claim to the assets of business |
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Property |
anything of value that a person or business owns and therefore controls
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Revenue |
income earned from the sale of goods and services
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Withdrawl |
if a business earns revenue, the owner will take cash or other assets from the business for personal use |
