Account balance The amount in an account. Capital The account used to summarize the owner's equality in a business. Revenue An increase in owner's equity resulting from the operation of a business. Sale on Account A sale for which cash will be received at a later date.

Account balance

The amount in an account.

Capital

The account used to summarize the owner’s equality in a business.

Revenue

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

Sale on Account

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

Expense

A decrease in owner’s equity.

Withdrawls

Assets taken out of business from owner’s personal use.

Accounting

Planning, recording, analyzing and interpreting financial information.

Accounting system

A planned process for providing financial information that will be useful to management.

Accounting records

Organized summaries of a business’s financial activities.

Financial statements

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

Service business

A business that preforms an activity for a fee.

Account balance The amount in an account. Capital The account used to summarize the owner’s equality in a business. Revenue An increase in owner’s equity resulting from the operation of a business. Sale on Account A sale for which cash will be received at a later date.