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Accounting 3

items of value that are owned or controlled by a business, economic resources of a business.
property rights
creditors’ and owners’ financial claims to the assets of a business.
financial claims
legal rights to an item.
an agreement to pay for a purchase at a later time; an entry to the right side of an account.
a person or business that has a claim to the assets of a business; a person or business to which money is owed.
property or items of value owned by a business.
those assets owned by a business but not used in the operation of the business.
the total financial claims to the assets, or property, of a business.
owner’s equity
owner’s claims to the assets of the business.
amounts owed to creditors; the claims of creditors to the assets of the business.
accounting equation
the basis for keeping all accounting records in balance. Assets= liabilities+owner’s equity.
business transaction
a business event, such as the buying, selling, or exchange of goods, that causes a change in the assets, liabilities, or owner’s equity of a business.
subdivision under the three sections of the accounting equation used to summarize increases and decreases in assets, liabilities, and owner’s equity.
accounts receivable
the total amount of money owed to a business.
accounts payable
the amount of money owed, or payable, to the creditors of a business.
on account
when a business or individual buys an item on credit.
income earned from the sale of goods and services.
the cost of the goods or services that are used to operate a business; expenses decrease owner’s equity.
the removed of cash or another asset from the business by the owner for personal use.

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