4.01A Crossword

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Across
  1. 4. The monies that a business spends; also called expenditures
  2. 7. A method of accounting that records transactions at the time they occur even if no money changes hands at the time
  3. 11. The methods and procedures used in consistently handling the business’s financial information
  4. 13. An accounting method in which income and expenditures are recorded at the time the money changes hands
  5. 14. The accounting record for a specific department or area of the business
  6. 16. A business activity such as a sale, a purchase, or a return
  7. 18. A financial statement that captures the financial condition of the business at that particular moment
  8. 21. Debts that the business owes
  9. 27. The amount an owner has invested in the business plus or minus profits and losses
  10. 28. A financial summary that shows how much money the business has made or has lost; also called the profit-and-loss statement
Down
  1. 1. A type of accounting that involves preparing and reporting financial data to external users who are not directly involved in business operations
  2. 2. A type of accounting that involves preparing and reporting financial data to internal users, usually managers, who need financial information to control day-to-day operations and to make financial decisions and plans affecting the business
  3. 3. The process of keeping financial records
  4. 5. Money received by a business or an individual from outside sources
  5. 6. A summary of accounting information
  6. 8. A financial summary with estimates as to when, where, and how much money will flow into and out of a business
  7. 9. A special book or computer program in which a business’s transactions are recorded in the order in which they occur
  8. 10. A process or series of steps that businesses complete to maintain their financial records effectively
  9. 12. The total value of the business
  10. 15. Those who invest their funds in a business; may be owners or stockholders
  11. 17. Currency and coins
  12. 19. Rules that accountants must follow when preparing financial statements
  13. 20. balance The listing of a business’s different accounts and their current balances; used to check the accuracy of journal and ledger entries
  14. 22. The steps of the accounting cycle that involve recording each business transaction; the process of analyzing financial transactions, journalizing transactions, posting to ledgers, and balancing the books
  15. 23. The monies that a business spends; also called expenses
  16. 24. An individual who has had specialized training in accounting procedures
  17. 25. The arrangement by which businesses or individuals can purchase now and pay later
  18. 26. Anything of value that a business owns