stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Accounting Ch 3 Review of key terms Flashcards | StudBud
Explore
/
Accounting Ch 3 Review of key terms
Accounting Ch 3 Review of key terms
13 terms
·
StudBud Administration
·
182 plays
Accounting Ch 3 Review - Business transactions and the Accounting Equation
Flashcards
13 cards
F
Practice quiz
P
Host live
L
Questions
13
Answers
1
The amount of money owed to a business is ________.
an equity
an account payable
an expense
an account receivable
2
The amount of money owed by a business is shown as ___________
a business transaction
an expense
an account receivable
an account payable
3
The legal right to an item is a ______.
Property claim
Financial Claim
liability
asset
4
A subdivision under assets, liabilities, or owners' equity is called _____________
an expense
a business transaction
a revenue
an account
5
Property or items of value owned by a business are referred to as ________.
Equipment
Financial claims
Assets
Liabilities
6
The accounting equation must always _________
be in balance
be written in financial terms
only have 1 account affected
remain the same
7
When you buy something and agree to pay for it later, you are _____
crediting it
buying it on account
financially strapped
setting up an Account Receivable
8
Anything of value that a person or business owns
Financial Claim
Investment
Property
Credit
9
When the owner decides to take cash from the business for personal use, he is making _____
a purchase
a claim against his assets
a withdrawal
an investment
10
The cost of products or services used to operate a business is ________.
capital
an expense
a liability
an equity
11
The accounting term for the financial claims to asset is _____.
assets
owner's equity
liabilities
equities
12
Income earned from the sale of goods or services is called ______.
an asset
an economic event
a liability
a revenue
13
Money paid in in order to start a business is called ________
an investment
an account
an asset
a revenue
