Blue
What is the term for resources owned by a business that provide future economic benefits?
What is Assets
What represents obligations a business owes to others?
What is Liabilities
What is income earned from selling goods or services called?
What is Revenue?
When revenue exceeds expenses, the result is
What is profit?
What is it called when expenses exceed revenue?
What is Loss
What term describes money or other assets used to fund a business?
What is Revenue?
An independent examination of financial records is a(n)
What is a Audit
A chronological record of transactions is maintained in a:
What is a Journal
What system requires every transaction to affect at least two accounts?
What is Double-Entry Accounting?
Money customers owe to a business is recorded as
What is Accounts Receivable?
What is the amount a company owes to its suppliers?
What is Accounts Payable?
Money customers owe to a business is recorded as:
What is Accounts Receivable?
The central record of all accounts in use is called the:
What is General Ledger
Goods a company holds for resale are called:
What is Inventory?
Costs that change depending on production volume are:
What is Variable Costs
What is the total amount of tax a business owes?
What is Tax Liability
Costs incurred to earn revenue are known as:
What is Expenses
What financial report shows revenue and expenses over a time period?
What is Income Statement
What does the cash flow statement track
What is Cash inflows and outflows?
What term describes money or other assets used to fund a business?
What is Capital
In which accounting method are transactions recorded when they are incurred, not when cash is exchanged?
What is Accrual Accounting?
Which method records income and expenses only when money changes hands?
What is Cash accounting?
The gradual reduction of a tangible asset's value is known as:
What is Depreciation?
What do we call documents that report a company’s financial performance?
What is Financial Statements?
What is the final profit after deducting all expenses and taxes from revenue?
What is Net Income