| A | B |
|---|
| revenue | Income earned from the sale of goods and services |
| accounting equation | Assets = Liabilities + Owner's Equity |
| accounts payable | amount of money owed to a business's creditors. |
| accounts receivable | The total amount of money to be received in the future for goods or services sold on credit |
| asset | Any property or item of value owned by a business |
| business transaction | An economic event that causes a change in assets, liabilities, or owner's equity |
| capital | The owner's investment in the business |
| property | Anything of value that is owned or controlled by an individual or a business |
| liabilities | The debts of a business |
| withdrawal | When an owner takes cash or other assets out of a business for personal use |
| expenses | the prices paid for goods or services used to operate a business |
