Accounting

4. The accounting record for a specific department or area of the business
7. A method of accounting that records transactions at the time they occur even if no money changes hands at the time
8. A summary of accounting information
10. Debts that the business owes
11. A financial summary with estimates as to when, where, and how much money will flow into and out of a business
12. A financial statement that captures the financial condition of the business at that particular moment
14. Money received by a business or an individual from outside sources
15. The arrangement by which businesses or individuals can purchase now and pay later
18. A process or series of steps that businesses complete to maintain their financial records effectively
21. A financial summary that shows how much money the business has made or has lost; also called the profit-and-loss statement
24. Anything of value that a business owns
25. The steps of the accounting cycle that involve recording each business transaction; the process of analyzing financial transactions, journalizing transactions, posting to ledgers, and balancing the books
27. A business activity such as a sale, a purchase, or a return
28. A type of accounting that involves preparing and reporting financial data to external users who are not directly involved in business operations

1. The process of keeping financial records
2. Rules that accountants must follow when preparing financial statements
3. The total value of the business
5. 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
6. A special book or computer program in which a business’s transactions are recorded in the order in which they occur
9. The methods and procedures used in consistently handling the business’s financial information
13. The amount an owner has invested in the business plus or minus profits and losses
16. An individual who has had specialized training in accounting procedures
17. The monies that a business spends; also called expenditures
19. An accounting method in which income and expenditures are recorded at the time the money changes hands
20. Those who invest their funds in a business; may be owners or stockholders
22. Currency and coins
23. The listing of a business’s different accounts and their current balances; used to check the accuracy of journal and ledger entrie
26. The monies that a business spends; also called expenses