Accounting Terms

3. Are the backbone of any accounting system
6. Are specific for the expense they incur
7. is the amount of money the business has earned after paying income taxes
9. represent the amount of revenue generated by the business
12. are the daily - expenses incurred in the operation of your business
13. Are all those which must be paid within one year
16. Shows the numerical balances determined by the chart of account
18. Is an annual expense and is listed in an income statement under expenses
20. Are also known as profit and loss statements
21. Are divisions of the general ledger

1. Are any assets which can be easily converted into cash within one calendar year
2. Help identify the source of revenue
4. Shows any changes which have occurred in the numerical balances of the company
5. Are any debts or obligations owed by the business which are due more than one year out from the current date
8. Is the difference between assets and liabilities
10. Is the recording, reporting, and analysis of financial transactions according to accepted principles in order to provide meaningful financial information
11. Are expenses items that cannot be clearly associated with a particular product or function .TheGeneralLedger Is an accounting system’s main ledger
14. Communicate information which gives specific details about a company
15. Comprise all debts and monies which are owed to outside creditors, vendors or banks and the remaining monies owed to shareholders, including retained earnings reinvested in the business
17. All expenses incurred in running your business
19. Are items of value which a company owns