| A | B |
|---|
| Assests | Propoerty or items of value owned by a business |
| Liabilities | owed to creditors, the claims of creditors to the assets of a business |
| Owner's Equity | The owner’s claims to the assets of the business |
| Expenses | The cost of goods or services used to operate a business |
| Revenue | Income earned from the sale of goods and services |
| T Account | A visual representation of a ledger account. Used to analyze transactions |
| Accounts Receivable | The amount of money owed to a business by its credit customers. |
| Accounts Payable | The amount of money owed, or payable, to the creditors of a business |
| Financial Statements | Reports prepared to summarize the changes resulting from business transactions that occur during an accounting period. |
