Chapter 4 Jargon

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Across
  1. 2. review of the financial statement of a business and the accounting practices that were used to produce them
  2. 3. money and other assets owned by a business and used to produce goods and services
  3. 10. Equity Statement: Financial statement that summarizes changes in the owner’s equity during a fiscal period
  4. 11. cost involved in operating a business
  5. 12. sheet: financial statement that reports the assets, liabilities,and owner's equity
  6. 13. Money that a business earns for the goods and services it sells; also called income
  7. 14. Revenue earned from selling goods or services
Down
  1. 1. Business debts or what a business owes
  2. 4. property or items of value owned by a business
  3. 5. accepted accounting principles (GAAP): Rules, standards, and practices that a business follows to record and report financial information
  4. 6. capital: difference between current assets and current liabilities
  5. 7. Statement: financial statement that reports the revenue and expenses of a business for a specific time period and it shows a net income or net loss; also called profit and loss (P & L) statement
  6. 8. flow statement: financial statement that reports how much cash moves into and out of a business
  7. 9. period: period of time for which a business summarizes accounting information and prepares financial statements