Accounting Word Scramble

owner’s

The account used to summarize the _____ equity in a business

1

true

fiscal

A financial statement showing the revenue and expenses for a _____ period.

2

1

true

Balance sheet

Definition: A financial statement that reports assets, liabilities, and owner’s equity on a specific date.

3

0

false

different

The _____ between current assets and current liabilities

4

1

true

Accounts payable

Definition: Money owed by a business to its suppliers

5

0

false

Financial statements

Definition: Financial reports that summarize the financial conditions and operations of a business.

6

0

false

Merchandise inventory

Definition: An amount of goods on hand for sale to customers.

7

0

false

Liabilities

Definition: An amount owed by a business.

8

0

false

Accounting equation

Definition: Assets = Liability + Owner’s Equity

9

0

false

business

The movement of cash into and out of a _____

10

1

true

Accounts receivable

Definition: Money which owed to a company by a customer for products and services provided on credit.

11

0

false

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