Accounting Vocabulary - Easy Crossword Puzzle

QUESTIONS LIST:

• fiscal year : the 12-month accounting period a company uses for financial reporting.
• assets : an economic resource controlled by a business as a result of past events and from which future economic benefits are expected.
• accounting : the recording, summarising and interpretation of financial information.
• capital : the value of the investment of the owner/s in the business.
• expense : decrease in owner’s equity that occurs
• liabilities : a present obligation arising from past transactions which are expected to be paid in the future.
• equity : assets less the liabilities; owner’s interest in the business.
• double entry : where accounting transactions and adjustments are recorded in the ledger, both as a debit and credit entry.
• revenue : amount earned by the business by selling its goods or services, plus any sundry income such as bank interest received.
• bookkeeping : process of recording financial transactions.
• credit : right-hand side of a ledger account.
• debit : left-hand side of a ledger account.