Standard 6.00 Vocabulary Crossword

123456789101112131415
Across
  1. 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
  2. 5. A method of accounting that records transactions at the time they occur even if no money changes hands at the time
  3. 8. The methods and procedures used in consistently handling the business's financial information.
  4. 9. Assets of a business and represent money owed to a business by others.
  5. 11. The process of keeping and interpreting financial records.
  6. 12. What a company owns
  7. 14. Provides a snapshot of a business' assets, liabilities, and equity on a given date.
  8. 15. Equity is the value of the owner’s investment in the business.
Down
  1. 1. An accounting method in which income and expenditures are recorded at the time the money changes hands.
  2. 3. What a company owes
  3. 4. 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.
  4. 6. To enter an amount on the right side of an account. Normal entries to revenue accounts are credits. Liabilities normally have credit balances.
  5. 7. Accounts Payable are liabilities of a business and represent money owed to others.
  6. 10. A Financial Statement documents the difference in revenue and expenses resulting in income.
  7. 13. A balance on the left side of an account in the general ledger. Typically expenses, losses, and assets have debit balances.