| A | B |
|---|
| Accounting | Planning, recording, analyzing and interpreting financial information |
| Accounting System | Planned process for providing financial information that will be useful to management |
| Accounting Records | Organized summaries of a business's financial activities |
| Financial Statements | Financial reports that summarize the financial condition and operations of a business |
| Service Business | A business that performs an activity for a fee |
| Proprietorship | A business owned by one person |
| Asset | Anything of value that is owned |
| Equities | Financial rights tot he asset of a business |
| Liability | An amount owed by a business |
| Owner's Equity | The amount remaining after the value of all liabilities is subtracted from the value of all assets |
| Transaction | A business activity that changes assets, liabilities, or owner's equity |
| Account | A record summarizing all the information pertaining to a single item in the accounting equation |
| Account Title | The name given to an account |
| Account Balance | The amount in an account |
| Capital | The account usedto summarize the owner's equity in a business |
| Revenue | An increase in owner's equity resulting from the operation of a business |
| Sale on Account | A sale for which cash will be received at a later date |
| Expense | A decrease in owner's equity resulting from the operation of a business |
| Withdrawals | Assets taken out of a business for the owner's personal use |
