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