Key Terms Accounting

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Across
  1. 4. An accounting method in which income and expenditures are recorded at the time the money changes hands
  2. 5. To enter an amount on the right side of an account. Normal entries to revenue accounts are credits. Liabilities normally have credit balances.
  3. 10. Provides a snapshot of a business' assets, liabilities, and equity on a given date.
  4. 12. 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
  5. 14. The methods and procedures used in consistently handling the business's financial information.
  6. 15. What a company owes
Down
  1. 1. Used to reduce and eliminate costs in a business. Cost accounting is used to determine a price for a product or service that will allow earnings of a reasonable profit.
  2. 2. Accounts Payable are liabilities of a business and represent money owed to others.
  3. 3. A method of accounting that records transactions at the time they occur even if no money changes hands at the time
  4. 6. Equity is the value of the owner’s investment in the business. Equity = Assets – Liabilities.
  5. 7. Assets of a business and represent money owed to a business by others.
  6. 8. A balance on the left side of an account in the general ledger. Typically expenses, losses, and assets have debit balances.
  7. 9. A Financial Statement documents the difference in revenue and expenses resulting in income.
  8. 11. The process of keeping and interpreting financial records.
  9. 13. What a company owns