1) Is anything of value that is owned or contorlled a) Property b) Property Rights c) Financial Claims d) Credit 2) Creditors' and owners' financial claims to the assets of a business a) Property b) Property Rights c) Financial Claims d) Credit 3) An agreement to pay for a purchase at a later time; an entry to the right side of a T account a) Property b) Property Rights c) Financial Claims d) Credit 4) A person or business that has a claim to the assets of a business a) Creditor b) Assets c) Investements d) Equity 5) Legal rights to an item a) Property b) Property Rights c) Financial Claims d) Credit 6) The total financial claims to the assets, or property, of a business a) Creditor b) Assets c) Investements d) Equity 7) Owner's claim to the assets of the business a) Owner's equity b) Liabilities c) Accounting equation d) Business Transaction 8) Property or items of value owned by a business a) Creditor b) Assets c) Investements d) Equity 9) Amounts owed to creditors a) Owner's equity b) Liabilities c) Accounting equation d) Business Transaction 10) Those assets owned by a business but not used in the operation of the business a) Creditor b) Assets c) Investments d) Equity 11) Subdivision under the three sections of the accounting equation used to summarize increases and decreases in assets, liabilities, and owner's equity a) Account b) Accounts Receivable c) Accounts Payable d) On Account 12) Assets=liabilities+owner's equity a) Owner's equity b) Liabilities c) Accounting equation d) Business Transaction 13) The total amount of money owed to a business a) Account b) Accounts Receivable c) Accounts Payable d) On Account 14) A business event that causes a change in the assets, liabilities, or owner's equity of a business a) Owner's equity b) Liabilities c) Accounting equation d) Business Transaction 15) The amount of money owed, or payable, to the creditors of a business a) Account b) Accounts Receivable c) Accounts Payable d) On Account 16) Income earned from the sale of goods and services a) Revenue b) Expense c) Withdrawal d) Property 17) Items of value that are owned or controlled by a business a) Revenue b) Expense c) Withdrawal d) Property 18) When a business or individual buys an item on credit a) Account b) Accounts Receivable c) Accounts Payable d) On Account 19) The cost of the goods or services that are used to operate a business a) Revenue b) Expense c) Withdrawal d) Property 20) The removal of cash or another asset from the business by the owner for personal use a) Revenue b) Expense c) Withdrawal d) Property

Accounting Chapter 3 terms

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