| A | B |
|---|
| accounting equation | An equation showing the relationship among assets, liab., and OE |
| asset | Anything of value that is owned |
| balance sheet | A financial statement that reports assets, liab., and OE on a specific date |
| chart of accounts | A list of accounts used by a business |
| liability | An amount owed by a business |
| posting | Transferring informatin from a journal entry to a ledger account |
| proprietorship | A business owned by one person |
| revenue | An increase in owner's equity resulting from the operation of a business |
| service business | A business that performs an activity for a fee |
| source document | A business paper from which information is obtained for a journal entry |
| T account | An accounting device used to analyze transactions |
| owner's equity | The amount remaining after the value of all liab., is subtracted from the value of all assets |
| check | A business form ordering a bank to pay cash from a bank account |
| entry | Information for each transaction recorded in a jornal |
| receipt | A business form giving written acknowledgment for cash received |
| journal | A form for recording transactions in chronological order |
| postdated check | A check with a future date on it |
| special endorsement | An endorsement indicating a new owner of a check |
| dishonored check | A check that a bank refuses to pay |
| temporary accounts | Accounts used to accumulate information until it is transferred to the owner's capital account |
| cash | Increased with a debit |
| debit | Amount recorded on the left of an account |
| credit | Amount recorded on the right of an account |
| accounts payable | Increased with a credit |
