Accounting Terminology

5. The income received as a result of business activities, typically through the sale of goods or services, rents or other sources.
8. To spread out the cost of a large purchase over multiple reporting periods.
9. How the accountants record financial transactions directly in the accounting software.
10. Costs incurred in the daily operation of a business.
11. The end of a financial reporting period.
12. Method of recording transactions where for every business transaction, an entry is recorded in at least two accounts as a debit or credit.
15. 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.
16. Basis of accounting that recognizes revenue when cash is received, and expenses when they are paid in cash.
17. Property with a useful life greater than one reporting period and exceeds the minimum capitalization limit.
18. The obligations incurred by a business during its operations that remain due and must be paid in the short term.
19. A financial statement that shows the organization's income and expenditures.

1. A financial statement representing an organization's total assets, liabilities and equity.
2. A record of all the organization's transactions organized by accounts.
3. Generally Accepted Accounting Principles-the standard accounting rules regarding the preparation, presentation and reporting of financial statements in the United States.
4. The last day of the financial reporting month.
6. An expense that is recorded before it has been paid.
7. An accounting entry that lists the outstanding balances owed that are no longer deemed recoverable.
13. A journal entry transferring an amount from one general ledger account to another.
14. A financial report showing the closing balances of all accounts in the general ledger at a point in time.