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Accounting Chapter 3

Horizontales
The owner’s claim to the assets of the business
Anything of value that a business or person owned and therefore controls.
The amount of money owed, or payable, to the creditors of a business.
The amount of money owed to a business by its credit customers.
An agreement to pay for a purchase at a later time.
The total financial claims to the assets of a business
An economic event that causes a change- either an increase or decrease- in assets, liabilities, or owner’s equity.
The cost of goods or services used to operate a business
Money or other property provided for the purpose of making a profit.
Verticales
Legal right to an item.
The removal of cash or another asset from the business by the owner for personal use.
The purchase of an item on credit.
Amounts owed to creditors; the claims of creditors to the assets of a business.
A subdivision under assets, liabilities, or owner’s equity that summarizes the changes and shows the balance for a specific item.
A business or person to whom money is owed.
Assets=liabilities+owner's equity
Property or items of value owned by a business.
Income earned from the sale of goods and services.