Acctg II - Ch 2
| Description: | Maplewood Rice Ch 2 Vocab |
| Category: | Accounting |
| Created by: | lrice@penncrest.org on 2009-09-28 |
| Question | Answer |
| 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. |
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