| 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 |
| Proprietorships | A business owned by one person |
| Asset | Anything of value that is owned |
| Liability | Amount owed by a business |
| Equities | Financial rights to the assets |
| Owner's Equity | The amount remaining after the value of all liabilities is subtracted from the value of assets |
| Accounting Equation | Assets=Liabilities + Owner's Equity |
