Across
- 4. An accounting method in which income and expenditures are recorded at the time the money changes hands
- 5. To enter an amount on the right side of an account. Normal entries to revenue accounts are credits. Liabilities normally have credit balances.
- 10. Provides a snapshot of a business' assets, liabilities, and equity on a given date.
- 12. A type of accounting that involves preparing and reporting financial data to internal users, usually managers, who need financial information to control day-to-day operations and to make financial decisions and plans affecting the business
- 14. The methods and procedures used in consistently handling the business's financial information.
- 15. What a company owes
Down
- 1. Used to reduce and eliminate costs in a business. Cost accounting is used to determine a price for a product or service that will allow earnings of a reasonable profit.
- 2. Accounts Payable are liabilities of a business and represent money owed to others.
- 3. A method of accounting that records transactions at the time they occur even if no money changes hands at the time
- 6. Equity is the value of the owner’s investment in the business. Equity = Assets – Liabilities.
- 7. Assets of a business and represent money owed to a business by others.
- 8. A balance on the left side of an account in the general ledger. Typically expenses, losses, and assets have debit balances.
- 9. A Financial Statement documents the difference in revenue and expenses resulting in income.
- 11. The process of keeping and interpreting financial records.
- 13. What a company owns