Acct.Ch.3.3

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

• capital
• withdrawals
• equities
• revenue

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

• account
• capital
• asset
• expense

Amount owed by our business

• liability
• asset
• capital
• account

Business activities that changes assets, liabilities, or owner's equity

• business transaction

• expense

• revenue

• sale on account

Anything of value that is owned by the business

• account

• asset

• withdrawal

• expense

A business owned by one person

• service business
• revenue
• expense
• sole proprietorship

The account used to summarize the owner's equity in a business

• account
• expense
• capital
• revenue

An increase in owner's equity resulting from the operation of a business (doing what we do to make $$)

• asset

• expense

• withdrawal

• revenue

The basic accounting equation is Assets=Liabilities + _______________________.

• Income
• Owner's Equity
• Expenses
• Profit

When cash is received, how is the cash account affected?

• Increases
• Decreases
• Stays the same
• There is no cash account