A1 Gang!

2. Receivable: Money a business is owed for goods/services
4. A system for recognizing, organizing, analyzing, and reporting information about the financial transactions that affect an organization.
5. A management tool that explicitly shows how a firm will acquire and use the resources needed to achieve its goals over a specific time period.
7. Income: The difference between the revenue a firm earns and the expenses it incurs in a given time period.
9. Period: length of time for which a business summarizes financial information
10. The left side of a "T" account.
11. anything you own of value.
12. Journal: a place to record all of the transactions for a business in chronological order.
13. A form used to prove accuracy of a ledger and determine profit/loss of a business.
16. Payable: Money a business owes to its suppliers/vendors
17. Changes recorded on a worksheet to show the consumption of an asset.
18. The right side of a "T" account.

1. Statement: Columns of a Worksheet that report income and expenses
3. When a company owes money.
6. Ledger: A place to keep record/balances of a company's total financial accounts
8. Sheet: Columns of a worksheet that contain Assets, Liabilities and Owners Equity.
14. Increases in a firm’s assets that result from the sale of goods, provision of services, or other activities intended to earn income.
15. Equation: Assets = Liabilities + Owners' Equity