| A | B |
|---|
| account | A summary of all the information pertaining to a single element in an accounting equation. |
| debit | An amount recorded on the left side of a T account |
| credit | An amount recorded on the right side of a T account. |
| chart of accounts | A list of accounts used by a business. |
| T account | An accounting device used to analyze transactions. |
| contra account | An account that reduces a related account on a financial statement. |
| revenue | An increase in owner's equity resulting from the operation of a business. |
| 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. |
| asset | Anything of value that is owned. |
| liability | An amount owed by a business. |
| equities | Financial rights to the assets of a business. |
