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14 Cards in this Set

  • Front
  • Back
Asset
anything of value
accounting records
organized summaries of a business's financial activities
equities
financial rights to the assets of a business
liability
an amount owed by a business
owner's equity
the amount remaining after the value of all liabilities is subtracted from the value of all the assets
transaction
a business activity that changes assets, liabilities, or owner's equity
account
record summarizing all of the info pertaining to a single item in the accounting equation
capital
the account used to summarize the owner's equity in a business
balance sheet
a financial statement that reports assets, liabilities, and owner's equity on a specific date
sales on account
a sale for which cash will be received at a later date
withdrawals
assets taken out of a business for the owner's personal use
t account
accounting device used to analyze transactions
normal balance
the side of the account that is increased
chart of accounts
a list of accounts used by a business