| A | B |
|---|
| Account | A record summarizing all the information pertaining to a single item in the accounting equation. |
| Account Balance | The amount in an account. |
| Account Title | The name given to an account. |
| Accounting | Planning, recording, analyzing and interpreting financial information; the language of business. |
| Accounting Equation | An equation showing the relationship among assets, liabilities and owner's equity. |
| Accounting Records | Organized summaries of a business's financial activities. |
| Accounting System | A planned process for providing financial information that will be useful to management |
| Asset | Anything of value that is owned. |
| Balance Sheet | A financial statemetn that reports assets, liabilities and owner's equity on a specific date. |
| Capital | The account used to summarize the owener's equity in the business. |
| 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 liabilities is subtracted from the value of all assets. |
| Proprietorship | A business owned by one person. |
| Service Business | A business that performs an activity for a fee. |
| Transaction | A business activity that changes assets, liabilities or owner's equity. |
| Revenue | An increase in owner's equity resulting from the operation of a business; income. |
| Sale on Account | A sale for which cash will be received at a later date. |
| Expense | A decrease in owner's equity resulting from the operation of a business; the cost of doing business. |
| Withdrawals | Assets taken out of a business for the owner's personal use. |
