| A | B |
|---|
| accounting | planning, recording, analyzing, and interpreting financial info |
| accounting system | a planned process for providing financial info |
| accounting records | organizes summaries of financial activities |
| service business | a business that performs an acivity for a fee |
| proprietorship | a business owned by more than one person |
| asset | anything of value |
| equities | financial rights to the assets of a business |
| liability | an amount owned by a business |
| owners equity | the amount remaining after the value of all liabilities |
| accounting equation | Assets=liabilities+owner's equity |
| transaction | a business activity that changes assets, liabilities, or owner's equity |
| account | a record summarizing all the info pertaining to a single item in the equation |
| account title | name given to an account |
| account balance | the amount in an account |
| capital | the account used to summarize the owner's equity in a business |
