Accounting Vocab 1-3

Front

Business activity changing assets, liabilities, or equity

Back

transactions

Front

A form for a brief message describing a transaction

Back

Memorandum

Front

Anything of value that is owned

Back

asset

Front

A business paper for journal entry info

Back

source document

Front

Differences between increases and decreases in an account.

Back

account balance

Front

Assets taken from the business for personal use.

Back

withdrawals

Front

Normal side of an account that is increased.

Back

normal balance

Front

Difference between personal assets and liabilities is called:

Back

personal net worth

Front

A person or business owes any liability.

Back

Creditor

Front

Recording debit and credit parts of a transaction

Back

double entry accounting