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Chapter 1-2

Transaction A business activity that changes assets, liabilities, or owner's equity
An account A record summarizing all the information pertaining to a single item in the accounting equation
Account balance The amount in an account
Capital The account used to summarize the owner's equity in a business
What must be done if a transaction increases the left side of the transaction? The right side must be increased, too
Can a transaction only affect one side of the equation? Yes, there would be an increase AND a decrease on the same side
What does the phrase "on account" mean? Buying items or services and paying for them at a future date
Created by: lbeddow