Term
|
Definition
| Assets = Liability + Owner's Equity |
|
|
Term
|
Definition
| An economic event that causes a change in assets, liabilty, or owner's equity |
|
|
Term
|
Definition
| Owner's claims to the total assets of the business |
|
|
Term
|
Definition
| Creditors claims to the assets of the business |
|
|
Term
|
Definition
| Anything of value that is owned or controlled |
|
|
Term
|
Definition
| The increases or decreases in a specific item caused by business transactions are recorded in this |
|
|
Term
|
Definition
| the same as buying on credit |
|
|
Term
|
Definition
| income earned from the sale of a good or service |
|
|
Term
|
Definition
| the cost of goods and servieces used to operate a business |
|
|
Term
|
Definition
| total amount of money to be recieved in the future for goods and services sold on credit |
|
|
Term
|
Definition
| A person or business that sells property on credit, or any person or business to which money is owned |
|
|
Term
|
Definition
| The total financial claims to the asets of a business |
|
|
Term
|
Definition
| the amount of money owed to the creditors of a business |
|
|
Term
|
Definition
| Refers to the dollar amount of the owner's equity in the business |
|
|
Term
|
Definition
| The creditor's financial claim minus the owner's financial claim to an item of property always equals the total cost of the property |
|
|
