Studied by 5 people
Microsoft Excel
________ is a spreadsheet application that is commonly used in business.
Assets
________ are property and other items of value owned by a business.
Accounts payable
________ represents the short- term liabilities that a business owes to creditors.
Deloitte Touche Tohmatsu®
PricewaterhouseCoopers®, ________, Ernst & Young®, and KPMG® are accounting firms that operate worldwide.
GAAP
All accountants use the same set of rules, called generally accepted accounting principles, or ________ (pronounced gap), to prepare reports.
Liabilities
________ are the rights that creditors have to the assets.
Equity
________ is the present value of an asset less all claims against it.
software
Accounting ________ such as Peachtree Accounting and QuickBooks are programs that help people and businesses manage their finances.
new venture
Start- up capital is the money used to pay for the various assets and expenses of a(n) ________ or business.
Accounts receivable
________ is the total amount of money owed to a business.
Financial plan
A(n) ________ estimates the amount of capital the business will need.
Audit
A(n) ________ is a review of accounting records and procedures.
current assets
Cash, supplies, merchandise, and accounts receivable are all ________.
Financial statements
________ are documents that summarize the changes resulting from business transactions that occur during an accounting period.
Owners equity
________ shows the rights that the owner has to the assets.
Cash flows
________ are the money that is available to a business at any given time.
Capital
________ is money supplied by investors, banks, or owners of a business.
balance sheet
A(n) ________ is a report of the balances in all assets, liabil- ity, and owners equity accounts at the end of an accounting period.
Property
________ is anything of value that is owned or controlled.
Financial reports
________ are summarized information about the financial status of a business.
Income statements
________ for different types of business operations vary in content.
Liabilities
________ are creditors claims to the assets of a business.
financial plan
A(n) ________ explains how a business will manage its records.
Current assets
________ are assets that are either used up or converted to cash during the normal cycle of the business.
Owners equity
________ is an owners claim to the assets of the business.
financial plan
A(n) ________ is a set of documents that outline the essential financial facts about the new venture.
A balance sheet is a report of the balances in all assets, liabil
ity, and owners equity accounts at the end of an accounting period
Note 
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