Accounting Terms

8. asset provided to a creditor as security for a loan
10. financial plan that serves as an estimate of future cost, revenues or both
12. a notation in the General Journal that records a single transaction
15. resources owned by a business that have economic value
16. party that loans money or other assets to another party
19. a method of accounting that recognizes revenues when earned and expenses when incurred, regardless of when cash is exchanged
21. a financial statement that summarizes a company's revenues, expenses and net profit/loss over a specific accounting period
22. the process of allocating the cost of a tangible asset over its useful life
23. the ability of a business to meet its short-term financial obligations

1. financial obligations or debts owed by a business to others
2. the sequence of steps followed in the accounting process
3. a snapshot of a company's financial position at a specific point in time.
4. a person skilled in the recording and reporting of financial transactions
5. the ownership value in a company after subtracting liabilities from assets
6. tracks the movement of cash into and out of a business during a specific period
7. a periodic statement, usually monthly, that a bank sends to the holder of a checking account
8. organization engaged in business as a proprietorship, partnership, corporation or other form of enterprise
9. the costs incurred by a business to generate revenue
11. to pay or make payment for something
13. percentage of the selling price of the property, paid by the seller
14. the point at which total revenues equals total cost
17. the income a business generates from its primary operations
18. party owing money or other assets to a creditor
20. a professional examination of a company's financial statement