Accounting Terminology Crossword

The recording and organization of financial information in a business.
Assets (valued things that a business owns) = liabilities (debt) + equity (a person’s net worth).
Defines a business’s needs and solutions to problems.
Valued things in a business’s possession.
A financial statement consisting of a business’s assets, liabilities and equity. It is a summary sheet of financials.
An entity which immersed in commercial use of goods or services.
This concept says that the business’s profits are not to be in the owner’s use and are only to be used for the business.
The financial funding and assets that a business uses.
An organizing tool that contains all the financial information of a business. This is helpful in many ways including having all the finances in one space, helping investors understand the financials of the company easily, etc.
A person who starts a business and takes on majority of the risk but also is rewarded most of the profit. These people are usually innovators who come up with new ideas.
The difference between assets and liabilities. This is the business’s net worth and shows how much each shareholder has invested in the business.
Stands for Generally Accepted Accounting Principles which include the business entity principle, the cost principle, time period principle, etc.
People or entities that fund other businesses in exchange for equity or other conditions.
Debt of a company or what they owe to others. Shareholder, A person that holds equity in a business.
The amount of income that results from the products and/or services a business sell.