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Details Title: Chapter 3 Description: Vocabulary Total Flash Cards: 16 Created: 08/21/2006 19:27:33	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term expense Definition The price paid for goods or services used to operate a business. Term revenue Definition Income earned from the sale of goods or services. Term withdrawal Definition When an owner takes cash or other assets from the business for personal use. Term account Definition The increase or decreases in a specific item caused by business transactions are recorded in a(n) ___ Term accounting equation Definition The ____ is Assets = Liabilities + Owner's Equity. Term accounts payable Definition The amount of money owed to the creditors of a business is ___. Term accounts receivable Definition ____ is the total amount of money to be received in the furutre for goods and services sld on credit. Term asset Definition A(n) ____ is any property of item of value owned by a business. Term business transaction Definition A(n) ____ i san ecomomic event taht causes a changein assets, liabilities, or owner's equity. Term capital Definition ____ refers to the dollar amount of the onwer's equity in the business. Term creditor Definition A person or business that sells property on credit, or any person or business to which money is owed, is called a(n)___. Term equity Definition The total financial claims to the assets of a business are known as ___. Term liabilities Definition ___ are the creditor's claims to the assets of the business. Term on account Definition Buying ____is the same as buying on credit. Term owner's equity Definition The owner's claims to the total assets of the business are called ____. Term property Definition ____ is anything of value that is owned or controlled.