| A | B |
|---|
| capital | account that shows the amount of owner's investment, or equity, in a business |
| expense accounts | used to record the costs & services used by a business |
| permanent accounts | used to record information continuously from one accounting period to the next |
| revenue accounts | record business income only |
| revenue recognition | recognizing & recording revenue on the date it is earned even if cash has not been received on that date |
| temporary accounts | used to record information for only one accounting period |
| withdrawal | an amount of money taken out of a business by the owner |
| expenses | the costs of doing business |
