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Home. Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Key Terms property financial claim credit creditor Section.

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Presentation on theme: "Home. Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Key Terms property financial claim credit creditor Section."— Presentation transcript:

1 Home

2 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Key Terms property financial claim credit creditor Section 3.1 Property and Financial Claims assets equity owner’s equity liabilities Home

3 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Property Property and Financial Claims Section 3.1 The purpose of accounting is to provide: Financial information about property Financial claim to property property Anything of value that a person or business owns. financial claim A legal right to property. Home

4 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Property Property and Financial Claims Section 3.1 Property = Financial Claims Home What is owned & Who owns it

5 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Property Property and Financial Claims Section 3.1 A creditor lends you money. You buy something on credit. The financial claim is shared. credit When you buy something and agree to pay for it later. creditor Any person or business to which you owe money. Home

6 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Property Property and Financial Claims Section 3.1 Home

7 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Financial Claims in Accounting Property and Financial Claims Section 3.1 Assets Cash Office Equipment Manufacturing Equipment Buildings Land assets Property or items of value owned by a business. Home

8 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Financial Claims in Accounting Property and Financial Claims Section 3.1 The Accounting Equation Liabilities Amounts owed to creditors; the claims of creditors to the assets of a business. Home Owner’s Equity Owner’s financial claim

9 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Financial Claims in Accounting Property and Financial Claims Section 3.1 The Accounting Equation Home Assets = Liabilities + Owner’s Equity A L OE

10 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Home Do Problem 3-1 on back of notes sheet

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