An economic event that causes a change, either increase or decrease in assets, liability, or owners equity. The change is reflected in the accounting system of business., Business Transactions, a subdivision of assets, liabilities and owners equity. It shows the balance for a specific item, and is the record for increase or decrease of that item., Account, anything of value that a person or business owns and controls., Property, a legal right to the property, Financial Claim, Buying something and agreeing to pay for it later, Credit, Person selling the item on credit, Creditor, Property or items own by a buisness, Assets, The accounting term for the financial claim to these properties are, Equities, The total amount of money owed to a business. Second asset account, Accounts Receivable, The amount owed or payable to the owners of a business, Accounts Payable, Money or other properties paid out to produce a profit, Investments, When a business buys an item on credit, on account, Income earned from the sale of goods and services, Revenue, The costs of services or products used to operate a business., Expense, When the owner takes money or property from the business for personal use, Withdrawal

Accounts Classification

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