Accounting Terminology

2. independent federal agency that enforces securities laws to protect investors and maintain fair markets
4. The amount a compnay earns from sales and other income-producing activities; Also called the "Top line"
7. Things of value owned by a firm.
9. Gross _____ is the amount a company earns after paying to produce or buy its products but before deducting operating expenses.
11. ______ sheet is a financial statement that summarizes a firm’s financial position at a specific point in time.
13. The financial accounting standards followed by accountants in the United States when preparing financial statements.
14. ____ Profit or loss is the amount a obtained by subtracting all of a firm’s expenses from its revenues
15. What a firm owes to its creditors; also called debts.
16. Statement of Cash _____ is a financial statement that provides a summary of the money flowing into and out of a firm during a certain period, typically one year.

1. _____ expenses are costs such as rent and utilites that are not directly related to producing or buying its products.
3. Owner's _____ is what is difference between what a company "owns" and what a company "owes"
5. _____ statement summarizes a firm’s revenues and expenses and shows its total profit or loss over a period of time.
6. ______ accounting that focuses on preparing external financial reports that are used by outsiders such as lenders, suppliers, investors, and government agencies to assess the financial strength of a business.
8. ______ accounting provides financial information that managers inside the organization can use to evaluate and make decisions about current and future operations.
10. An accountant who has met certain requirements and can issue an auditor’s opinion on a firm’s financial statements
12. Direct materials, labor and some other costs involved in making a company's product