Accounting Terms

3. income statements are used to determine ____?
6. recording, reporting, and analysis of financial transactions
8. initial investment in business as well as any retained earnings which are reinvested in the business
11. summary of companys profits or loss during any given time period
12. measures the loss in value of an asset
15. represent amount of revenue generated by business
16. income
19. shows any changed which have occured in numerical balances of the company
20. business and personal accounting accounts should be kept ______?

1. assets that can easily be converted into cash in a short amount of time
2. how often should a business calculate profitability and review financial statements
4. how much money a business puts in
5. communication for information which gives specific details about a company
7. assets taht can be easily converted into cash within one calender year
9. required contribution for support of a national, state, or local government
10. detailed account principles, guidelines, and rules used to prepare, present, and report financial statements
13. shows numerical balances determined by chart of accounts
14. expenses that cannot be clearly associated with particular product or function
17. amount of money the business has earned after paying income taxes
18. net income