Assets - Anything of value that is owned, Liablility - Amounts that are owed to others, Financial Statements - reports that summarize the financial condition and operations of a business, Accounting - the process of planning, recording, analyzing, and interpreting financial information, GAAP - Generally accepted accounting principles, Owners equity - assets = liabilities + ___________ __________, Accounting equation - the equation showing the relationship among assets, liabilities and owner's equity, Transaction - any business transaction that changes assets, liabilities, or owner's equity, Revenue - increase in equity resulting from the sale of goods or services is called _______, Accounts Receivable - When services are sold on account to be paid for later, Accounts Payable - When your business purchases supplies and will pay for them at a later time, withdrawal - decreases in owner's equity, Debit - Amount recorded on the left side of the T account, Credit - Amount recorded on the right side of the T account,

Accounting Terms - Unit 1

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