Accounting Ch 3 Review

What is this called?

Assets = Liabilities + Owner’s Equity

A(n)___ is an economic event that causes a change in assets, liabilities, or owner’s equity

Charlotte started a small business and invested some money into it. The money she invested, which represents her claim (ownership) to the total assets of the business, is called ___

A(n)____ is any property or item of value owned by a business

____are the creditor’s claims to the assets of the business.

____ is anything of value that is owned or controlled.

The increases or decreases in a specific item caused by business transactions are recorded in a(n) ____

Buying ___ is the same as buying on credit.

___ is income earned from the sale of goods and services.

The costs of goods and services used to operate a business are ___