Accounting

2. A phase, reports are submitted to the management at the end of each accounting period or as the need arises.
6. business owned by five or more persons whose ownership is evidenced by shares of stocks.
7. referred to as the cost of earning revenues
12. Franciscan monk
13. analysis reports are submitted together with the financial statements.
14. things of value that are owned and used by the enterprise
15. revenue of both the merchandising and manufacturing concerns in selling good to customers.
20. principal service that a public accountant offers.
21. obligations that the firm owes to other individuals or organizations
22. businesses which buy goods and without changing their form, sell them at a profit.
23. Uses financial statements as a basis to answer such question.

1. provides management a plan for future operations
3. It is a phase, items are sorted and grouped.
4. defined as the gross inflow of economic benefits
5. needs accounting information to regulate the firm’s activities and determine the basins for taxation policies.
8. Coins, currencies, either on hand or deposited in the bank
9. refers to the amount of cash or value of the property that the owner vested
10. association of two or more persons to carry on as co-owners of a business for profit.
11. recording of transactions is commonly referred to as bookkeeping.
16. language of business,
17. the systematic and chronological recording of business transactions.
18. interested in information to enable them to assess the ability of the firm to provide remuneration and other benefits.
19. financial information serves as a measure for making future financial decisions and a measure of its effectiveness.