Accounting Vocab Review

A transaction is

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

• A record summarizing all the information pertaining to a single item in the accounting equation

• A sale for which cash will be received at a later date

• Planning, recording analyzing, and interpreting financial information

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

• Liability

• Asset

• Accounts Receivable

• Capital

Planning, recording, analyzing, interpreting financial information is

• Accounting

• Transactions

• Accounts

• Sale on account

Anything of value owned by a business

• Asset

• Liability

• Owner's Equity

• Accounts Receivable

An amount owed by a business

• Asset

• Liability

• Owner's Equity

• Accounts Payable