In each blank, try to type in the
word that is missing. If you've
typed in the correct word, the
blank will turn green.
If your not sure what answer should be entered, press the space bar and the next missing letter will be displayed. When you are all done, you should look back over all your answers and review the ones in red. These ones in red are the ones which you needed help on. Term: ACCOUNTINGDefinition: AN INFORMATION AND MEASUREMENT THAT IDENTIFIES, RECORDS, AND COMMUNICATES RELEVANT INFORMATION ABOUT A COMPANY'S BUSINESS ACTIVITIES. Term: EQUATIONDefinition: THE EQUALITY ASSETS = LIABILITIES + OWNER'S EQUITY Term: ASSETSDefinition: RESOURCES THAT A COMPANY OWNS OR CONTROLS THAT ARE EXPECTED TO FUTURE BENEFITS. Term: AUDITDefinition: AN ANALYSIS AND REPORT OF AN ORGANIZATION'S ACCOUNTING SYSTEMS AND USING VARIOUS TEST. Term: SHEETDefinition: A FINANCIAL STATEMENT THAT LISTS THE TYPES AND AMOUNTS OF ASSETS, LIABILITIES, AND EQUITY AS OF A SPECIFIC DATE; ALSO CALLED THE STATEMENT OF FINANCIAL POSITION. Term: BOOKKEEPINGDefinition: A PART OF ACCOUNTING THAT INVOLVES RECORDING TRANSACTIONS AND EVENTS, EITHER ELECTRONICALLY OR MANUALLY (ALSO CALLED RECORD ). Term: ENTITY PRINCIPLEDefinition: THE ASSUMPTION THAT A BUSINESS BE ACCOUNTED FOR SEPARATELY FROM ITS OWNER(S). Term: STOCKDefinition: THE NAME GIVEN TO WHEN A CORPORATION ONLY ISSUES ONE CLASS. Term: FRAMEWORKDefinition: A FRAMEWORK FOR SETTING ACCOUNTING STANDARDS THAT BROADLY CONSISTS OF OBJECTIVES, QUALITATIVE CHARACTERISTICS, , RECOGNITION CRITERIA AND MEASUREMENTS. Term: Definition: A BUSINESS THAT IS SEPARATE LEGAL ENTITY UNDER STATE OR FEDERAL LAWS WITH THAT ARE CALLED SHAREHOLDERS OR STOCKHOLDERS. Term: COST Definition: THE ACCOUNTING PRINCIPLE, ALSO THE MEASUREMENT PRINCIPLE THAT REQUIRES FINANCIAL STATEMENT INFORMATION TO BE BASED ON ACTUAL COSTS INCURRED IN BUSINESS TRANSACTIONS. Term: Definition: THE OWNER'S CLAIMS ON AN ORGANIZATION'S . Term: ETHICSDefinition: CODES OR CONDUCT BY WHICH ACTIONS ARE AS RIGHT OR WRONG, FAIR OR UNFAIR, HONEST OR DISHONEST. Term: Definition: HAPPENINGS THAT BOTH AN ORGANIZATION'S FINANCIAL POSITION AND CAN BE RELIABLY MEASURED. Term: ACCOUNTING EQUATIONDefinition: ASSETS = LIABILITIES + EQUITY WHERE EQUITY EQUALS (OWNER - OWNER WITHDRAWALS + REVENUES - EXPENSES). Term: EXPENSESDefinition: THE COSTS NECESSARY TO EARN THAT RESULTS IN DECREASE IN EQUITY. Term: EXPENSE PRINCIPLEDefinition: A PRINCIPLE THAT A COMPANY RECORDS EXPENSES INCURRED TO GENERATE REVENUES IT REPORTED. Term: TRANSACTIONSDefinition: EXCHANGES OF ECONOMIC BETWEEN ONE ENTITY AND ANOTHER. Term: EXTERNAL Definition: USING ACCOUNTING INFORMATION WHO ARE NOT DIRECTLY INVOLVED IN RUNNING THE ORGANIZATION. Term: ACCOUNTINGDefinition: AREA OF ACCOUNTING AIMED MAINLY AT SERVING EXTERNAL . Term: ACCOUNTING STANDARDS BOARD (FASB)Definition: AN INDEPENDENT GROUP OF SEVEN FULL-TIME WHO ARE CURRENTLY RESPONSIBLE OR SETTING ACCOUNTING RULES. Term: FULL PRINCIPLEDefinition: THE ACCOUNTING PRINCIPLE THAT REQUIRES A COMPANY TO REPORT THE DETAILS BEHIND FINANCIAL STATEMENTS THAT WOULD A USERS' DECISIONS. Term: ACCEPTED ACCOUNTING PRINCIPLES (GAAP)Definition: RULES THAT SPECIFY ACCEPTABLE PRACTICES. Term: -CONCERN PRINCIPLEDefinition: THE ASSUMPTION THAT REQUIRES FINANCIAL STATEMENTS TO THE ASSUMPTION THAT THE BUSINESS WILL CONTINUE OPERATING; ALSO CALLED THE CONTINUING CONCERN PRINCIPLE. Term: INCOMEDefinition: THE AMOUNT A BUSINESS EARNS AFTER SUBTRACTING ALL NECESSARY FOR ITS SALES (ALSO CALLED PROFIT). Term: STATEMENTDefinition: THE STATEMENT THAT SUBTRACTS EXPENSES FROM REVENUES TO YIELD A NET INCOME OR LOSS OVER SPECIFIED PERIOD OF TIME. Term: INTERNAL Definition: PERSONS USING INFORMATION WHO ARE DIRECTLY INVOLVED IN MANAGING AND OPERATION OF AN ORGANIZATION; EXAMPLES INCLUDE MANAGERS AND OFFICERS. Term: INTERNATIONAL ACCOUNTING STANDARDS (IASB)Definition: A BOARD THAT PREFERRED ACCOUNTING PRACTICES AND ENCOURAGING THEIR WORLDWIDE ACCEPTANCE. Term: FINANCIAL REPORTING STANDARDS (IFRS)Definition: ACCOUNTING PRACTICES ISSUED BY AN INDEPENDENT GROUP (IASB) FROM MANY COUNTRIES. Term: LIABILITIESDefinition: 'S CLAIMS ON AN ORGANIZATION'S ASSETS. Term: ACCOUNTINGDefinition: THE AREA OF ACCOUNTING AIMED AT SERVING THE -MAKING NEEDS OF INTERNAL USERS. Term: PRINCIPLEDefinition: ANOTHER NAME FOR PRINCIPLE. Term: MONETARY UNIT Definition: AN ASSUMPTION THAT TRANSACTIONS AND EVENTS CAN BE EXPRESSED IN MONEY . Term: NET Definition: AMOUNT EARNED SUBTRACTING ALL EXPENSES NECESSARY FOR AND MATCHED WITH SALES FOR A PERIOD; ALSO CALLED INCOME, PROFIT, OR EARNINGS. Term: NET Definition: ARISES WHEN ARE MORE THAN SALES. Term: OWNER Definition: ASSETS PUT INTO THE BUSINESS BY THE . Term: WITHDRAWALDefinition: A PAYMENT OF CASH OR ASSETS FROM A PROPRIETORSHIP OR PARTNERSHIP TO ITS OWNER OR OWNERS. Term: Definition: A OWNER BY TWO OR MORE PEOPLE THAT IS NOT ORGANIZED AS A CORPORATION. Term: PROPRIETORSHIPDefinition: A BUSINESS BY ONE INDIVIDUAL THAT IS NOT ORGANIZED AS A CORPORATION (ALSO CALLED A PROPRIETORSHIP). Term: RECORD Definition: THE RECORDING OF FINANCIAL TRANSACTIONS AND EVENTS, EITHER MANUALLY OR ELECTRONICALLY (ALSO BOOK KEEPING). Term: RETURNDefinition: THE INCOME FROM . Term: RETURN ON Definition: A SERVING AS AN INDICATOR OR OPERATING EFFICIENCY; DEFINED AS NET INCOME DIVIDED BY AVERAGE TOTAL ASSETS. Term: REVENUESDefinition: THE AMOUNTS EARNED FROM OF PRODUCTS OR SERVICES TO CUSTOMERS. Term: REVENUE RECOGNITION Definition: PRINCIPLE THAT PROVIDES GUIDANCE AS TO WHEN REVENUE MUST BE RECOGNIZED. Term: RISKDefinition: THE AMOUNT OF UNCERTAINTY ABOUT AN RETURN. Term: -OXLEY ACTDefinition: PASSED BY CONGRESS TO HELP CURB FINANCIAL AS COMPANIES THAT ISSUE THEIR STOCK TO THE PUBLIC. Term: SECURITY AND COMMISSION (SEC)Definition: THE FEDERAL AGENCY CREATED BY CONGRESS IN 1934 TO SECURITIES MARKETS, INCLUDING THE FLOW OF INFORMATION FROM COMPANIES TO THE PUBLIC. Term: SHAREHOLDERSDefinition: THE OWNERS OF A CORPORATION (ALSO STOCKHOLDERS). Term: SHARESDefinition: OWNERSHIP IN A CORPORATION INTO UNITS. Term: SOLE Definition: A BUSINESS OWNED BY ONE INDIVIDUAL THAT IS NOT AS A CORPORATION (ALSO CALLED A PROPRIETORSHIP). Term: OF CASH FLOWSDefinition: A STATEMENT THAT LISTS CASH INFLOWS (RECEIPTS) AND CASH OUTFLOWS (PAYMENTS) DURING A PERIOD; ARRANGED BY OPERATING, INVESTING, AND FINANCING ACTIVITIES. Term: OF OWNER'S EQUITYDefinition: A REPORT OF IN EQUITY OVER A PERIOD OF TIME; ADJUSTED FOR INCREASES (OWNER INVESTMENT AND NET INCOME) AND FOR DECREASES (WITHDRAWALS AND NET LOSS). Term: Definition: OWNERSHIP OF A DIVIDED INTO UNITS. Term: Definition: THE OF A CORPORATION (ALSO CALLED SHAREHOLDERS). Term: TIME ASSUMPTIONDefinition: THE ACCOUNTING ASSUMPTION THAT PRESUMES THAT THE LIFE OF A COMPANY CAN BE DIVIDED INTO TIME PERIODS, SUCH AS AND YEARS, AND THAT USEFUL REPORTS CAN BE PREPARED FOR THOSE PERIODS. Term: Definition: ASSETS AN OWNER TAKES FROM THE FOR PERSONAL USE. Term: TRANSACTIONSDefinition: EXCHANGES WITHIN AN ORGANIZATION THAT CAN ALSO AFFECT THE EQUATION. Term: Definition: |
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