Across
- 4. Anything of value that a business or individual owns
- 9. maintaining honest and open communication.
- 13. The listing of a business’s different accounts and their current balances; used to check the accuracy of journal and ledger entries
- 14. The 12-month period chosen by a business as its operating year that may or may not coincide with the calendar year
- 16. the point at which total cost and total revenue are equal
- 17. is the tendency to behave in the same way that everyone else does rather than exercising one’s own judgment.
- 18. common-size financial statements that can compare financial performance across several different companies.
- 19. Another name for a profit and loss statement is a(n)
- 20. A financial statement that captures the financial condition of the business at that particular moment
Down
- 1. process for evaluating business decisions that involves summarizing the associated costs and benefits of the potential outcomes.
- 2. an expense that a business incurs through its normal business operations.
- 3. change in total revenue/change in quantity. the increase in revenue that results from the sale of one additional unit of output
- 5. as well as possible.
- 6. intangible, long-term asset with an indefinite life rapidly loses value, the accounting function records the asset as
- 7. to professional competence and responsibility, which means accountants must perform their professional
- 8. A financial summary with estimates as to when, where, and how much money will flow into and out of a business
- 10. the total amount your business paid as a cost directly related to the sale of products.
- 11. costs costs that have already been incurredand cannot be recovered.
- 12. time it takes a company to "make up" for costs for large purchases
- 14. In business, the function that involves all money and money management matters
- 15. The process of keeping and interpreting financial records