Show:
11 Letters
'T'erms
Ending with 'ity' or 'ies'
General Accounting Terms
Assets & Loans
100
The process of recording, analyzing, and interpreting the economic activities of a business.
What is Accounting
100
The allocation of money to various areas of the business. To do THIS accurately, the business must estimate both sales and expenses.
What is Budget
100
The process where liquid assets can easily be turned into cash.
What is Liquidity
100
A 12 month operating period for a business.
What is a Fiscal Year
100
The things of value that the business owns
What are Assets
200
Any business activity involving money
What is a transaction
200
The business’ ability to pay its short term debts.
What is Working capital
200
The debts a business can pay off very quickly
What are Current liabilities
200
All the money that is left over after deducting the cost of goods sold form the revenue.
What is Gross Profit
200
Tre the things a business owns that disappear quickly, usually in less than one year. (cash)
What are Current Assets
300
A method of recording all transactions for a business in a specific format.
What is Bookkeeping
300
A financial statement that shows a business’s profitability over a stated period of time.
What is an Income Statement
300
The debts that will not be repaid for decades.
What are Long Term Liabilities:
300
All the money that is left over after deducting the gross profit and the expenses
What is Net Profit/ Net Income
300
The assets that a business will keep for a long time. (buildings)
What are Long Term Assets/ Capital Assets:
400
The debts of a business
What are Liabilities
400
A report that summarize the financial performance of a business.
What is Financial Statement
400
The owner’s investment in the business, or the financial part of the business that is owned by the owner.
What is Owner’s Equity
400
A business earns THIS or income from the sales of goods or services.
What is Revenue
400
The debt a business has to pay for real estate.
What is a Mortgage Loan
500
When a company sells a stock for a price that is higher than they paid for it
What is Capital Gain
500
The payment for the goods or service received occurs at a future date.
What is Credit
500
Equity in corporations is known as THIS because the shareholders are the owners.
What is Shareholder’s Equity
500
The costs of operating the business during the period the sales took place.
What are Operating Expenses
500
The money borrowed from a bank or other financial institutions.
What is Loans Payable/ Notes Payable