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terms unit do

Accounting terms unit 2

TermDeffinition
Transaction a business activity that chages assets, liabilities, or owner's equity
Account Arecord summarizing all the informaltion pertaining to a single item in the sccount equation
account title The name given to the account
Account balance The amount in an account
Capital The account used to summarize the owner's equity in a business
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 Adecrease in owner's equity resulting from the operation of a business
Withdrawals Assets taken out of f business for the owner's personal use.
Created by: HalleBearr