| 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 |
| 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 |
| equities | Financial rights to the assets of a business |
| liability | An amount owed by a business |
| owner's equity | The amount remaining after the value of all liab. is subtracted from the value of all assets |
| accounting equation | An equation showing the relationship among assets, liab. and owner's equity |
| transaction | A business activity that changes assets, liab. or owner's equity |
| account | A record summarizing all the information pertaining to a single item in the accounting equation |
| account title | The 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 |
| balance sheet | A financial statement that reports assets, liab., and o.eq. on a specific date |
