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Section 3. 1 Property and Financial Claims Key Terms property assets financial claim equity Section 3. 1 Property and Financial Claims Key Terms property assets financial claim equity credit owner’s equity creditor liabilities Home Glencoe Accounting Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved.

Property Section 3. 1 Property and Financial Claims Financial information about property The purpose Property Section 3. 1 Property and Financial Claims Financial information about property The purpose of accounting is to provide: Financial claim to property Anything of value that a person or business owns. financial claim A legal right to property. Home Glencoe Accounting Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved.

Property Section 3. 1 Property and Financial Claims Property What is owned = Financial Property Section 3. 1 Property and Financial Claims Property What is owned = Financial Claims & Who owns it Home Glencoe Accounting Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved.

Property Section 3. 1 Property and Financial Claims A creditor lends you money. The Property Section 3. 1 Property and Financial Claims A creditor lends you money. The financial claim is shared. You buy something on credit When you buy something and agree to pay for it later. creditor Any person or business to which you owe money. Home Glencoe Accounting Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved.

Property Section 3. 1 Property and Financial Claims Home Glencoe Accounting Copyright © by Property Section 3. 1 Property and Financial Claims Home Glencoe Accounting Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved.

Financial Claims in Accounting Section 3. 1 Property and Financial Claims Land Buildings Cash Financial Claims in Accounting Section 3. 1 Property and Financial Claims Land Buildings Cash Assets Manufacturing Equipment assets Property or items of value owned by a business. Office Equipment Home Glencoe Accounting Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved.

Financial Claims in Accounting Section 3. 1 Property and Financial Claims The Accounting Equation Financial Claims in Accounting Section 3. 1 Property and Financial Claims The Accounting Equation Liabilities Amounts owed to creditors; the claims of creditors to the assets of a business. Owner’s Equity Owner’s financial claim Home Glencoe Accounting Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved.

Financial Claims in Accounting Section 3. 1 Property and Financial Claims The Accounting Equation Financial Claims in Accounting Section 3. 1 Property and Financial Claims The Accounting Equation Assets = Liabilities + Owner’s Equity A L OE Home Glencoe Accounting Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved.

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