Chapter 2 Vocab Flashcards
1
Q
Revenue
A
Increase in owner’s equity due to the operation of a business.
2
Q
Sale On Account
A
A sale in which cash will be received on a late date.
3
Q
Expense
A
A decrease in owner’s equity due to the operation of a business.
4
Q
Withdrawals
A
Assets taken out of a business for the owner’s personal use.
