Accounting Know-How Crossword Puzzle

QUESTIONS LIST:

• balance sheet: report of a business’s financial condition at a particular moment
• bookkeeping: actually recording the business’s financial transactions
• credit: arrangement by businesses to buy now and pay later
• cash flow statement: a summary with estimates as to when, where, and how much money will come into and go out of a business
• accounting: process of keeping financial records
• ledger: accounting record for a specific department or area of the business statement
• liabilities: debts that the business owes
• cash: currency and coins
• income: money received by a business from outside sources
• stockholders: individuals who own shares of stock in a business
• assets: anything of value the business owns
• transaction: a business activity such as a sale or purchase
• creditors: individuals to whom a business owes money
• accounting cycle: a process or series of steps that businesses complete to maintain their financial records effectively
• investor: those who invest their funds in a business
• expenses: monies that a business spends
• source documents: checks, receipts, invoices, and other items representing a business’s financial transactions
• income statement: a summary that shows how much money a business has made or lost
• accounting standards: rules that accountants must follow when preparing financial statements
• profit: monetary reward a business owner receives for taking the risk of investing in business