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.