Accounting Vocab Review

Front

Business owned by 1 person

Back

Proprietorship

Front

Value owned by a business

Back

Asset

Front

Amount owed by a business

Back

Liability

Front

Transaction: A business activity that changes assets, liabilities, or owner's equity.

Back

A business activity that changes assets, liabilities, or owner's equity.

Front

Account summarizing owner's equity in a business

Back

Capital

Front

Revenue is an increase in owner's equity from business operations.

Back

An increase in owner's equity from business operations.

Front

Assets taken from a business for personal use

Back

Withdrawal

Front

Planning, recording, analyzing, interpreting financial info

Back

Accounting

Front

Equities are:

Back

Financial rights to the assets of a business.

Front

Sale for which cash is received later

Back

Sale on account