| A | B |
|---|
| account | a record sumarizing all the information pertaining to a single item in the accounting equation |
| account balance | the ammount in the account |
| account title | the name given to the account |
| accounting equation | an equation showing the relationship among assets, liabilities, and owners equity |
| accounting records | organized summaries of a business's financial activities |
| accounting system | a planned process for providing financial information that will be useful to management |
| asset | anything of value that is owned |
| balance sheet | a financial statement that reports assets, liabilities, and owners equity on a specific date |
| capital | the account used to summarize the owner's equity in a business |
| equities | financial rights to the assets of a business |
| liability | an amount owed by a business |
| owner's equity | The ammount remaining after the value of all liabilities is subtracted from the value of all assets |
| proprietorship | a business owned by one person |
| service business | a business that performs an activity for a fee |
| transaction | a business activity that changes assets, liabilities, or owners equity |
