Basic Accounting Principles

2. amount of money a business receives over a period of time
5. cost directly associated with making or acquiring products
7. sets accounting principles
10. amount of money the business has earned after paying income taxes
12. money owed to the business for purchases made by customers, suppliers and other vendors
14. expenses which are necessary, stable and occur regularly
15. are any assets easily converted into cash within one calendar year
16. assets which are not able to be sold quickly which carry higher risk of losing
19. comprised of all short-term obligations owed by your business to creditors,
23. is money available immediately
24. tabulation of all expenses incurred
28. daily expenses incurred in the operation of a business
29. property which a firm owns long-term, will not be converted to cash for at least
30. represent the amount of revenue generated by the business
31. assessing the amount of goods which are in the possession of the business
32. notes due within the year

1. accounting rules used to prepare, present and report financial statements
3. systematic recording, reporting and analysis of financial transactions according
4. total dollar value of all fixed assets in your business, less any accumulated
6. required contribution for the support of a national, state or local government
8. also called total equity, found by subtracting liabilities from assets
9. expenses which are still necessary but do not have a fixed amount
11. are items of value owned by the company
13. assets which can be easily converted into cash
17. expenses which are not necessary to daily operation of the business
18. income which does not come from the primary goal of business
20. debts the company owes or obligations the company has
21. and other vendors
22. based on income tax
25. income from sales or services based on the goal of the business
26. accepted principles in order to provide meaningful financial information
27. subtracting the cost of goods sold from net sales figures