Chapter 4

4. review of the financial statements of a business and the accounting practices that were used to produce them
8. financial statement that reports the assets, liabilities, and owner's equity of an organization
10. money and other assets owned by a business and used to produce goods and services
12. financial statement that reports the revenue and expenses of a business over a specific period of time
14. business debts

1. financial statement that summarizes changes in the owner's equity during a fiscal period
2. financial statement that reports how cash moves into and out of a business
3. difference between assets and current liabilies
5. revenue earned from selling product
6. money that a business earns
7. rules, standards, and practices that a business follows to report financial information
9. period of time for which a business summarizes accounting information and prepares financial statements
11. property or items of value owned by a business
13. cost involved in operating a business