| A | B |
|---|
| expenses | ____ are the prices paid for goods or services used to operate a business. |
| liabilities | The debts of a business are called its ____ . |
| property | Anything of value that is owned or controlled by an individual or a business is called ____ . |
| revenue | Income earned from the sale of goods and services is called ____ . |
| withdrawal | When an owner takes cash or other assets out of a business for personal use, the transaction is called a(n) ____ . |
| accounting equation | "Assets = Liabilities + Owner's Equity" is called the ____ . |
| accounts payable | ____ is the amount of money owed to a business's creditors. |
| accounts receivable | The total amount of money to be received in the future for goods or services sold on credit is the ____ . |
| asset | Any property or item of value owned by a business is a(n) ____ . |
| business transaction | An economic event that causes a change in assets, liabilities, or owner's equity is called a(n) ____ . |
| capital | The owner's investment in the business is represented by the ____ account. |
| financial claim | ___is a legal right to an item. |
| credit | when you are buying something and agree to pay for it later, you are are buying on ____. |
| creditor | the business or person selling you the item on credit is called the ___. |
| equities | ___ the accounting term for the financial claims to assets. |
| owner's equity | the owner's claim to the assets of the business are called _____. |
| account | _____ a subdivison under asets, liabilities, or owner's equity. |
| investment | ___is money or other property paid out in order to produce profit. |
| on account | when a business buys an item on credit, it is buying ___. |
