Business Vocabulary

4. Process of recording transactions in a journal
5. Acronym for generally accepted accounting principals
10. Percentage of dollars owned as compared to assets
11. Shows the relationship of assets to liabilities
12. Recording the debit and credit parts of a transaction
13. individual records that summarize info for a single category such as cash or sales
16. Transaction for which cash for a sale will be received at a later date
17. Shows the relationship between certain figures on financial statements
19. List of all accounts in the business
20. organization that exists independently of its owners finances
21. Form used to record business transactions in chronological order
22. people with an interest usually financial in the business

1. Illustrates how much profit is generated per dollar of sales
2. Amount of money a business has after its liabilities are paid
3. Accounting method that recognizes revenue when it is received and expenses when they are paid
6. group of accounts
7. Report of a businesses revenue and expenses
8. transferring info from a journal to a ledger
9. Transaction for when merchandise purchased will be paid to the vendor at a later date
14. Accounting method that records revenue and expenses when they occur
15. system of recording business transactions and analyzing and reporting results
18. Period of time for which business summarizes accounting information and prepares fiscal statement