| A | B |
|---|
| account | Record summarizing information pertaining to a single item in the accounting equation |
| account balance | Amount in an account |
| account title | Name of an account |
| accounting | Planning, recording, analyzing and interpreting financial information |
| accounting equation | A=L+C |
| asset | Anything of value that is owned |
| Balance Sheet | Financial statement that reports assets, liabilities and owner's euqity on a specific date |
| capital | Account Used to summarize the owners' equity in a business |
| liability | Amount owed by a business |
| proprietorship | Business owned by 1 person |
| transaction | Business activity that changes assets, liabilities or owner's equity |
| expense | Decrease in owner's equity resulting from the operation of a business |
| revenue | Increase in owner's equity resulting from the operation of a business |
| sale on account | Sale for which cash will be received later |
| withdrawals | Assets taken out of a business for the owner's personal use |
| chart of account | List of accounts used by a business |
| check | Business form ordering bank to pay cash from a bank account |
| double entry accounting | Recording of debit and credit parts of transactions |
| general journal | Journal with two amount columsn in which all kinds of entries can be recorded |
| memorandum | Form on which a brief message is written describing a transaction |
| receipt | Form givine written acknowledgement for cash received |
| source document | Business paper from which information is obtained for a journal entry. |
| bank statement | Report of deposits, withdrawals and bank balances sent to a depositor by a bank. |
| petty cash | Amount of cash kept on hand and used for making small payments |
| restrictive endorsement | Endorsement restricting further transfer of a check's ownership |
| special endorsement | Endorsement indicating a new owners of a check |
| blank endorsement | Endorsement consisting only of the endorser's signature. |
