Accounting Crossword Puzzle
QUESTIONS LIST: accounting: a system for recognizing, organizing, analyzing, and reporting information about the financial transactions that affect an organization, horizontal analysis: analysis of financial statements that compares account values reported on these statements over two or more years to identify changes and trends, implicit cost: the opportunity cost that arises when a firm uses owner-supplied resources, variable costs: costs that vary directly with the level of production, out of pocket cost: a cost that involves the payment of money or other resources, revenue: increases in a firm’s assets that result from the sale of goods, provision of services, or other activities intended to earn income, net income: the difference between the revenue a firm earns and the expenses it incurs in a given time period, budgeting: a management tool that explicitly shows how a firm will acquire and use the resources needed to achieve its goals over a specific time period, accounting equation: assets = liabilities + owners' equity, balance sheet: a financial statement that reports the financial position of a firm by identifying and reporting the value of the firm’s assets, liabilities, and owners’ equity.