Account used to summarize owner's equity.

Planning, recording, analyzing, and interpreting financial information.

Assets taken for personal use.

Increase in equity from sale.

Amount remaining after liabilities subtracted from assets.

Process designed to compile financial data and summarize results.

Financial reports that summarize financial condition.

Report that shows what is owned and owed and the difference between the two.

Amount owed.

Business activity.

Person or business to whom a liability is owed.

Cost of goods or services to operate a business.

A sale for which payment will be received later.

Record that summarizes transactions pertaining to a single item.