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Chapter 2 vocab

QuestionAnswer
An increase in owner's equity resulting from the operation of a business Revenue
A sale for which cash will be received at a later date Sale on Account
A decrease in owner's equity resulting from the operation of a business Expense
When revenue is recorded at the time goods or services are sold Realization of Revenue
Assets taken out of a business for the owner's personal use Withdrawals
When a business' financial information is recorded and reported separately from the owner's personal financial information Business entity
Anything of value that is owned Asset
An amount owed by a business Liabilities
The amount remaining after the value of all liabilities is subtracted from the value of all assets Owner's Equity
The amount in an acount Account balance
An equation showing the relationship among assets, liabilities, and owner's equity Accounting Equation
A business activity that changes assets, liabilities, or owner's equity Transaction
When business transactions are stated in numbers that have common values; using a common unit of measurement Unit of measurement
A record summarizing all the information pertaining to a single item in the accounting equation Account
The name given to an account Account title
The account used to summarize the owner's equity in a business Capital
When financial statements are prepared with the expectation that a business will remain in operation indefinitely Going Concern
Amounts are to be added or subtracted Single rule
The totals have been verified as correct Double rule
Created by: echavez0195
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