| A | B |
|---|
| Accounting | Planning, recording, analyzing and interpreting financial information |
| Accounting System | The planned process for providing financial information that will be useful to management |
| Accounting Records | Organized summaries of a business's financial activities |
| Service Business | A business that performs an activity for a fee |
| Proprietorship | Business owned by one person |
| Asset | Anything of value that is owned by the company |
| Equities | Financial rights to the assets of a business |
| Liability | Amount owed by a business |
| Owner's Equity | Amount remaining after the value of all liabilities is subtracted from the value of all assets |
| Accounting Equation | Assets=Liabilities+Owner's Equity |
| Transaction | A business activity that changes assets, liabilities, or owner's equity |
| Account | A record summarizing all information pertaining to a single item in the accounting equation |
| Account Title | Name given to an account |
| Account Balance | Amount in an account |
| Capital | Account used to summarize the owner's equity in a business |
| Balance Sheet | Financial statement that reports assets liabilities and owner's equity on a specific date |
