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7
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an unwritten promise to pay a supplier for assets purchased or services received
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8
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another name for the income statement which reports the profitability of business operations for a specific period of time
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9
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reports assets, liabilities, and owner’s equity on a specific date
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11
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reports the profitability of business operations for a specific period of time
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14
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accounting period of twelve months duration
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16
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provides a description of the particular type of asset, liability, owner’s equity, revenue, or expense
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17
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reduce owner’s equity as a result of the owner taking cash or other assets out of the business for personal use
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19
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a formal written promise to pay a supplier or lender a specified sum of money at a define future time
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1
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a measure of the ease with which an asset will be converted to cash
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2
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something owed to another business entity
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3
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the decrease in assets or increase in liabilities as a result of efforts to produce revenues
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4
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recognizing the effect of transactions on the assets, liabilities, owner’s equity, revenues, and expenses of a business
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5
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the financial statements are the product of the accounting information system
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6
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the amount by which the business assets exceed the business liabilities
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7
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consists of the three basic accounting elements: assets = liabilities + owner’s equity
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10
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the excess of total expenses over total revenues for the period
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12
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the excess of total revenues over total expenses for the period
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13
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reduces owner’s equity as a result of the owner taking cash or other assets out of the business for personal use
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15
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an item that is owned by a business and will provide future benefits
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18
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the amount a business charges customers for products sold or serviced performed
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20
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a separate record used to summarize changes in each asset, liability, and owner's equity
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