Accounting Terms

1. Owes money to a company
5. daily expenses
7. goes directly into your account
9. a valuable thing to someone
11. The amount made after taxes
12. divisions of the general ledger
13. should be done monthly
15. Has a limit per purchase
16. all expenses incurred while running the business
17. required contribution for the support of a national, State or local Government calculated based on income
18. Does not include operating expenses

2. provide a business with feedback Assets=liabilities+owners basic accounting equation
3. known as profit and loss statements
4. Are detailed accounting principles, guidelines and Rules used to prepare, present and report financial statement
6. example would be electricity
8. loss of value
9. the reporting of financial
10. Primary document of the general ledger
14. are specific for the expense they incur