Anything of value that a person or business owns.

(a)  

A legal right to property.

(a)  

The purpose of accounting is to provide financial information about ________ and Financial Claims to ________.

(a)  

The _________ _____ is shared between the Creditor (Liability) and the Owner (Equity)

(a)  

Any person or business to which you owe money.

(a)  

When you buy something and agree to pay for it later.

(a)  

Property or items of value owned by a business.

(a)  

The accounting term for the financial claim to assets.

(a)  

The owner’s claim to the assets of a business.

(a)  

Amounts owed to creditors; the claims of creditors to the assets of a business.

(a)  

An economic event that causes a change—either an increase or decrease—in assets, liabilities, and/or owner’s equity.

(a)  

A subdivision under assets, liabilities, or owner’s equity.

(a)  

The total amount of money owed to a business—money to be received later because of the sale of goods or services on credit.

(a)  

The amount owed, or payable, to the creditors of a business.

(a)  

A business records changes in subdivisions called (a)   .

Money or other property paid out in order to produce a profit.

(a)  

When a business buys an item on credit.

(a)  

Income earned from the sale of goods or services.

(a)  

The cost of products or services used to operate a business.

(a)  

When the owner takes cash or other assets from the business for personal use.

(a)  

Investments increase assets and owner’s equity; (a)   decrease assets and owner’s equity.