Accounting Terminology

5. An accounting entry that lists the outstanding balances owed that are no longer deemed recoverable.
9. The obligations incurred by a business during its operations that remain due and must be paid in the short term.
10. Basis of accounting that recognizes revenue when cash is received, and expenses when they are paid in cash
11. The income received as a result of business activities, typically through the sale of goods or services, rents or other sources
12. A financial statement representing an organization's total assets, liabilities and equity
13. Generally Accepted Accounting Principles-the standard accounting rules regarding the preparation, presentation and reporting of financial statements in the United States.
15. An expense that is recorded before it has been paid.
16. A journal entry transferring an amount from one general ledger account to another.
18. A record of all the organization's transactions organized by accounts.
19. Costs incurred in the daily operation of a business.

1. Method of recording transactions where for every business transaction, an entry is recorded in at least two accounts as a debit or credit
2. A financial report showing the closing balances of all accounts in the general ledger at a point in time.
3. How the accountants record financial transactions directly in the accounting software.
4. The end of a financial reporting period.
6. To spread out the cost of a large purchase over multiple reporting periods.
7. Method of recording income and expenses in which each item is reported as earned or incurred without regard to when actual payments are received or made
8. Property with a useful life greater than one reporting period and exceeds the minimum capitalization limit.
14. A financial statement that shows the organization's income and expenditures.
17. The last day of the financial reporting month.