"Glencoe Accounting: Real-World Applications & Connections," Vocabulary from Chapter 3

This list focuses on business transactions and the accounting equation (Unit 2, Chapter 3).

Here are links to all the chapters of Unit 2, The Basic Accounting Cycle: Chapter 3, Chapter 4, Chapter 5, Chapter 6, Chapter 7, Chapter 8, Chapter 9, Chapter 10, Chapter 11

Here are links to all the units of the first-year accounting textbook published by McGraw-Hill: Unit 1, Unit 2, Unit 3, Unit 4, Unit 5, Unit 6, Appendixes
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Full list of words from this list:

words only definitions & notes
  1. property
    something owned
  2. claim
    an assertion of a right, as to money or property
  3. credit
    arrangement for deferred payment for goods and services
  4. creditor
    a person to whom money is owed by a debtor
  5. asset
    a useful or valuable quality
  6. equity
    difference between value of a property and claims against it
  7. liability
    an obligation to pay money to another party
  8. equation
    a mathematical statement that two expressions are the same
  9. transaction
    conducting business within or between groups
  10. account
    a statement of recent transactions and the resulting balance
  11. investment
    laying out money or capital in an enterprise
  12. revenue
    the entire amount of income before any deductions are made
  13. withdrawal
    the act of taking out money or other capital
  14. fund
    a reserve of money set aside for some purpose
  15. acquire
    come into the possession of something concrete or abstract
  16. eventually
    after an unspecified period of time or a long delay
  17. transfer
    cause to change ownership
  18. generate
    bring into existence
  19. conduct
    direct the course of; manage or control
Created on Wed Oct 19 16:30:05 EDT 2016 (updated Fri Oct 21 17:39:54 EDT 2016)

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