Chapter 3 Accounting

Property is anything of ..... that a person or business owns.

Financial claim is a legal ..... to property.

Credit is when you buy something and agree to ... for it later.

Creditor is any person or business to which you owe .....

Equity is the accounting term for the financial ..... to assets.

Owners equity is the owners ..... to the assets of a business.

Liabilities is the amount .... to creditors; the claims of creditors to the assets of a business.

Business Transaction is an economic event that causes a ..... either an increase or decrease in assets, liabilities and/or owners equity.

Account is a subdivision under ...... , liabilities, or owners equity.

Accounts receivable is the total amount of money owed to a business money to be received later because of the sale of goods or services on .....