E CH. 20 Accounting and Financial Reporting

All U.S. businesses uses the same system which follows established accounting guidelines called "generally accepted accounting principles." or __________________ .

• GAAP

• posting

• GAAPS

statements or documents that summarize the results of your business operations and provide a picture of its financial position

• balance sheet

• financial reports

• general journal

a block of time covered by an accounting report is called a / an _______________________

• income statement

• accounting period

• journalizing

If your one-year period begins on January 1st and ends on December 31st, it is called a / an _____________________.

• whole year

• fiscal year

• calendar year

anything of value that the business owns

• assets

• liabilities

• credit

If your business year begins and ends in months other than the calendar year, this is called _____________________

• calendar year

• fiscal year

• cash flow year

cash or other items that can be converted to cash quickly and are used by the business within a year

• assets

• fixed assets

• current assets

the amount customers owe your business

• accounts payable

• accounts receivable

• chart of accounts

items that will be held for more than one year

• current assets

• fixed assets

• equity

debts of the business

• liabilities

• assets

• equity