An increase in owner's equity resulting from the operation of a business.

A sale for which cash will be received at a later date.

A decrease in owner's equity resulting from the operation of a business.

Assets taken out of a business for the owner's personal use.

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Acctg II - Ch 2

Maplewood Rice Ch 2 Vocab

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.