Accounting I vocabulary

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A group of accounts

Assets taken out of a business for the owner's personal use.

The recording of debit and credit parts of a transaction.

Am amount owed by a business

The accounting equation could be stated as

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

The amount remaining after the value of all liabilities is subtracted from the value of all assets.

A business activity that changes assets, liabilities, or owner's equity.