| A | B |
|---|
| credit | Normal balance of sales |
| expense | A decrease in owner's equity |
| withdrawals | Assets an owner takes out of a business |
| normal balance | Increase side of an account |
| proprietorship | A business one person owns |
| accounting | The language of business |
| T account | Tool for analyzing transactions |
| account | A record in the accounting equation |
| equities | Financial rights to business assets |
| liability | What a business owes |
| asset | What a business owns |
| balance sheet | A financial statement showing assets |
| transaction | Activity that changes the accounting equation |
| account title | Account name |
| capital | Owner's equity account |
| chart of accounts | Where an account number can be found |
| owner's equity | Assets minus liabilities |
| revenue | Increase in owner's equity |
| debit | Left side |
