Accounting Terms

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Across
  1. 2. of Goods Sold (COGS)/The cost of the inventory that was sold to generate business revenue for a specific period of time.
  2. 5. Labour/Work that is directly involved in the manufacturing process.
  3. 7. labour/Work that is not directly involved in the cost to manufacture the product.
  4. 8. Equity/the owner’s investment in the business, or the financial part of the business that is owned by the owner.
  5. 9. Reports/Financial statements are presented to shareholders and potential investors in the form of a glossy publication.
  6. 11. Ratio/shows how many dollars of liquid assets a business has for every dollar of short term debt.
  7. 12. for goods and services either bought by or sold to the business.
  8. 13. capital/the business’ ability to pay its short term debts.
  9. 15. Equity/Equity in corporations is known as shareholder’s equity because the shareholders are the owners.
  10. 16. business earns revenue or income from the sales of goods or services.
  11. 17. the payment for the goods or service received occurs at a future date.
  12. 18. assets can easily be turned into cash.
  13. 20. in Process/records the cost of all the partially finished goods at inventory time, which is normally the end of the fiscal year.
  14. 22. a method of recording all transactions for a business in a specific format.
  15. 23. Materials/are goods a business purchases and transforms into another product.
  16. 24. the process of recording, analyzing, and interpreting the economic activities of a business.
  17. 31. businesses operating in Canada have to pay taxes on their profits or earnings.
  18. 32. Year/a 12 month operating period for a business.
Down
  1. 1. Statement/a financial statement that shows a business’s profitability over a stated period of time.
  2. 3. allocation of money to various areas of the business. To budget accurately, the business must estimate both sales and expenses.
  3. 4. the total amount of the goods bought by the business in a year.
  4. 6. business activity involving money is recorded as a transaction.
  5. 10. Sheet/a financial statement that shows the financial position of a business on a single, specific date.
  6. 14. things of value that the business owns.
  7. 18. the debts of a business.
  8. 19. Term Assets/ Capital Assets/are assets that a business will keep for a long time. (buildings)
  9. 21. Statement/Are reports that summarize the financial performance of a business.
  10. 25. Gain/When a company sells a stock for a price that is higher than they paid for it.
  11. 26. Expenses/are the costs of operating the business during the period the sales took place.
  12. 27. Profit/ Net Income/all the money that is left over after deducting the gross profit and the expenses.
  13. 28. Profit/all the money that is left over after deducting the cost of goods sold form the revenue.
  14. 29. Receivable/Debts owed to a business by customers, suppliers, etc.
  15. 30. Overhead/the expenses involved in operating all the production facilities.