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Accounting 1

Chapter 1 Section 2 Terms

Transaction A business activity that changes assets, liabilities, or owner's equity.
Account A record summarizing all the information pertaining to a single item in the accounting equation.
Account Title The name given to an 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 quity resulting from the operation of business.
Sale on Account A sale for which cash will be received at a later date.
Expense A decrease in owner's quity resulting from the operation of a business.
Withdrawals Assets taken out of a business for the owner's personal use.
Created by: bijal9624