Accounting

3. the payment for the goods or service received occurs at a future date
5. Any business activity involving money is recorded as a transaction.
6. money borrowed from a bank or other financial institutions.
9. are the costs of operating the business during the period the sales took place.
13. a 12 month operating period for a business.
14. Work that is directly involved in the manufacturing process.
15. are things of value that the business owns.
16. liquid assets can easily be turned into cash.
17. a financial statement that shows the financial position of a business on a single, specific date.
19. a business earns revenue or income from the sales of goods or services.

1. all the money that is left over after deducting the gross profit and the expenses.
2. purchased supplies or inventory on credit.
4. All businesses operating in Canada have to pay taxes on their profits or earnings.
7. Work that is not directly involved in the cost to manufacture the product.
8. are the debts of a business.
9. the owner’s investment in the business, or the financial part of the business that is owned by the owner.
10. Is the process of recording, analyzing, and interpreting the economic activities of a business.
11. a financial statement that shows a business’s profitability over a stated period of time.
12. all the money that is left over after deducting the cost of goods sold form the revenue.
18. the movement of cash in and out of the business.