Accounting Word Scramble
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Term | Definition |
Financial statements | Financial reports that summarize the financial conditions and operations of a business. |
Balance sheet | A financial statement that reports assets, liabilities, and owner’s equity on a specific date. |
Liabilities | An amount owed by a business. |
Capital | The account used to summarize the owner’s equity in a business |
Accounting equation | Assets = Liability + Owner’s Equity |
Merchandise inventory | An amount of goods on hand for sale to customers. |
Accounts receivable | Money which owed to a company by a customer for products and services provided on credit. |
Accounts payable | Money owed by a business to its suppliers |
Income statement | A financial statement showing the revenue and expenses for a fiscal period. |
Cash flow | The movement of cash into and out of a business |
Working capital | The different between current assets and current liabilities |
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