| A | B |
|---|
| ACCOUNT | A RECORD FOR A SINGLE ITEM IN THE ACCOUNTING EQUATION |
| ACCOUNTING EQUATION | ASSETS=LIABILITIES + OWNER'S EQUITY |
| ACCOUNT BALANCE | THE AMOUNT IN AN ACCOUNT |
| ACCOUNT TITLE | THE NAME GIVEN TO AN ACCOUNT |
| ASSET | ANYTHING OF VALUE THAT IS OWNED |
| BALANCE SHEET | A FINANCIAL STATEMENT SHOWING A=L+OE |
| CAPITAL | THE ACCOUNT USED TO SUMMARIZE OWNER'S EQUITY |
| EQUITIES | FINANCIAL RIGHTS TO ASSETS |
| LIABILITY | AN AMOUNT OWED |
| OWNER'S EQUITY | THE AMOUNT REMAINING AFTER LIABILITIES IS SUBTRACTED FROM ASSETS |
| PROPRIETORSHIP | 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 |
