accounting

2. Sheet – A financial statement that summarizes a company’s assets, liabilities, and equity at a specific point in time.
6. – Resources owned by a business that have economic value and can provide future benefits (e.g., cash, equipment, buildings).
9. – A complete record of all financial transactions over the life of a company, organized by account.
10. – Obligations or debts that a company must pay to outsiders, such as loans or accounts payable.

1. – Income generated from normal business operations, such as sales of goods or services.
3. – An independent examination of financial statements to ensure accuracy and compliance with accounting standards.
4. Flow – The movement of money into and out of a business, reflecting its liquidity and operational efficiency.
5. – The allocation of the cost of a tangible asset over its useful life.
7. – The costs incurred in the process of earning revenue, like rent, wages, and utilities.
8. – The owner's claim on the assets of a business after all liabilities have been deducted; often called "net assets."