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Concept Assessment Ch. 3 Vocab

A(n) _______ is an economic event that causes a change in assets, liabilities or owner’s equity
Business Transaction
The owner’s claims to the total asset of the business are called _______
Owner’s Equity
A(n) _______ is any property or item of value owned by a business
_______ are the creditor’s claims to the assets of the business
_______ is anything of value that is owned or controlled
The increases or decreases in a specific item caused by business transactions are recored in a(n) _______
Buying _______ is the same as buying on credit
On Account
_______ is income earned from the sale of goods and services
The costs of goods and services used to operate a business are _______
_______ is the total amount of money to be received in the future for goods and services sold on credit
Accounts Receivable
A person or business that sells property on credit, or any person or business to which money is owed, is called a(n) _______
The total financial claims to the assets of a business are known as ________
The amount of money owed tot eh creditors of a business is _______
Accounts Payable
_______ refers to the dollar amount of the owner’s equity in the business
When the owner takes cash or other assets form the business for personal use, a _______ occurs
The _______ is Assets = Liabilities + Owner’s Equity
Accounting Equation

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