Accounting

2. Derived by subtracting the cost of goods sold from net sales
3. Represent the amount of revenue generated by the business
9. Items of value a company owns
10. Compiles information from subledgers to create an overview of a business’s financial standing
11. Daily expenses incurred in the operation of your business
13. Help identify the source of revenue
14. Detailed accounting principles, guidelines and rules used to prepare, present and report financial statement
16. Amount of money the business has earned after paying income taxes
17. Specific for the expense they incur
18. Numerical balances determined by the chart of accounts
19. Required contribution for the support of a national, state or local government calculated based on income
20. Used to track revenues and expenses to determine the operating performance of a business

1. Any debts or obligations owed by the company
4. Recording, reporting, and analysis of financial transactions according to accepted principles in order to provide meaningful financial information
5. Typically include items such as cash, accounts receivable, and accounts payable
6. Difference between assets and liabilities
7. Measures the loss in value of an asset
8. Must be organized to be efficient and effective
12. Non-government group of seven members
15. All expenses incurred in running your business