Question 1

a business activity that changes assets, liabilities or owners equity

Accepted Answer

transaction

Question 2

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

Accepted Answer

account

Question 3

the name given to an account

Accepted Answer

account title

Question 4

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

Accepted Answer

capital

Question 5

the amount in an account

Accepted Answer

account balance

Question 6

an increase in owner's equity resulting from the operation of a business

Accepted Answer

revenue

Question 7

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

Accepted Answer

sale on account

Question 8

a decrease in owner's equity resulting from the operation of a business

Accepted Answer

expense

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