Points 39 PART A Accounting Vocabulary
Student's
Score
A. account
B. accounting equation
e. accounts payable
D. accounts receivable
E. asset
business transaction
G. capital
H. creditor
L. equities
J. expenses
K. liabilities
L. On account
M. owner's equity
N. property
0. revenue
P. withdrawal
B
E
K К.
E
K K
0. The
is Assets = Liabilities 4 Owner's Equity.
1. A(n)
is an economic event that causes a change in assets, liabilities, or
owner's equity. 1.'
2. The owner's claims to the total assets of the business are called
3. A(n)
is any property or item of value owned by a business.
4.
are the creditor's claims to the assets of the business...
5. ...;_ is anything of value that is owned or controlled.
6. The increases or decreases in a specific item caused by business transactions are
recorded in a(n)
3.5..
.
7. Buying is the same as buying on credit.
8.
is income earned from the sale of goods and services.
9. The costs of goods and services used to operate a business are
10.
- is
the total amount of money to be received in the future for goods and
1.1.1.5
services sold on credit.
11. A person or business that sells property on credit, or any person or business to
which money is owed, is called a(n)
12. The total financial claims to the assets of a business are known as
13. The amount of money owed to the creditors of a business is
14.
refers to the dollar amount of the owner's equity in the business.
15. When the owner takes cash or other assets from the business for personal use, a
occurs.