Name: Accounting Terms - 1 Poperties used in the operation of beness Owner's Equity (Capital Colms by creditors to the property (sets) of a business Assets Owner's rights and aims to the property (assets) of a business DRAG Reven Increases to Owner's equity resulting from business operations Lab Decreases to owner's equity resulting from business operations Draws Decreases to owner's equity resulting from owner withdrawals Expense Accounting Terms - 3 Statement of a business's assets, labilities, and owner's equity Income Statement Statement that summarizes revenues and expenses A coded listing of all the accounts the general ledger Balance Sheet Amout a business's revenues exceed expenses DRAG Posting Amount business's expenses exceed revenues Profit Process of transferring Journal balances to the general ledger Chart of accounts