| A | B |
|---|
| Accounting | Planning, recording, analyzing and interpreting financial information |
| Accounting System | A planned process for providing financial information that will be useful to management |
| Accounting Records | Organized summaries of a business's financial activities |
| Financial Statements | Financial reports that summarize the financial condition and operations of a business |
| Service Business | A business that performs an activity for a fee |
| Proprietorship | A business owned by one person |
| Asset | Anything of value that is owned by a business |
| Equities | Financial rights to the assets of a business |
| Liability | An amount owed by a business |
| Owner's Equity | The value of all assets the liabilities have been subtracted |
| Accounting Equation | An equation showing the relationship among assets, liabilities and owner's equity |
| Ethics | Principals of right and wrong that guide an individual in decision making |
| Business Ethics | The use of ethics in making business decisions |
| Transaction | A business activity that changes assets, liabilities, or owner's equity |
| Account | A record summarizing all of the information for one category of the accounting equation |
| Account Title | The name given to a particular account |
| Account Balance | The dollar amount in an account |
| Capital | The account that summarizes the owner's equity in a business |
| Revenue | An increase in owner's equity that results from the operations of a business |
| Sale on account | A sale for which cash will be received at a later date |
| Expense | A decrease in owner's equity resulting for the general operation of a business |
| Withdrawals | A withdrawal decreases owner's equity usually when the owner takes cash out of the business for personal use |
| GAAP | Generally accepted accounting principals |
