Intro to Accounting

Front

Assets taken out of a business for the owner's personal use

Back

withdrawals

Front

Planning, recording, analyzing, and interpreting financial information

Back

accounting

Front

A decrease in owner's equity resulting from the operation of a business

Back

expense

Front

Amount owed by a business

Back

liability

Front

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

Back

transaction

Front

Anything of value that is owned

Back

asset

Front

A business owned by one person

Back

proprietorship

Front

The amount in an account

Back

account balance

Front

Financial reports that summarize the financial condition and operations of a business

Back

financial statements

Front

An increase in owner's equity resulting from the operation of a business

Back

revenue