Accounting Crossword Puzzle

QUESTIONS LIST: recording : also known as bookkeeping, classifying : transactions are grouped in one place, fiscal year : the 12-month accounting period a company uses for financial reporting and tax purposes, objectivity : a principle supported by verifiable evidence, equility : the owner's interest in the business, calculated as assets minus liabilities, consistency : changes must be clearly explained, summarizing : data must be easy to understand, net income : the profit or loss a company generates, calculated as revenue minus expenses, liabilities: debts or obligations a business owes to external parties, materiality : ignore minor transactions, decision making, credit : an entry made on the right side of an accounting ledger to record an increase in liabilities, equity, or revenue, audit : an independent examination of a company's financial statements, full disclosure : a company should disclose all financial information, debit : an entry made on the left side of an accounting ledger to record an increase in assets or expenses, tax deduction : an expense or allowance that reduces taxable income and, consequently, the amount of taxes owed, interpreting : financial data are analyzed, and is a crucial tool for, accrual : income should be recognized at the time it is earned, gross profit : the profit a company makes after deducting the cost of goods sold from its revenue, assets : resources or items of value owned by a business such as accounts receivable, matching : the principle is the basis of the accrual principle.