___________________ represents the short-term liabilities that a business owes to creditors.

The ___________________ is a report of the revenue, expenses, and net income or net loss over an accounting period.

______________________are documents that summarize the changes resulting from business transactions that occur during an accounting period.

Property is anything of value that is owned or controlled.

______________ are property and other items of value owned by a business.

The total amount of money owed to a business is known as, accounts receivable.

The systematic process of recording and reporting the financial position of a person or an organization is called, ______________.

The biggest accounting firms are known as the "Big Four." these include, PricewaterhouseCoopers, Deloitte Touche Tomatsu, Ernst & Young, and KPMG.

An _______________ is a review of accounting records and procedures.

Cash flows are the money that is available to a business at any given time.

A _____________________ is a report of the balances in all assets, liability, and owner's equity accounts at the end of a accounting period

Owner's equity is the owner's claim to the asset of the business. It is NEVER referred to as the owner's capital in the business.

ASSETS = LIABILITIES + OWNER'S EQUITY is known as the, ____________.

_____________________ are the creditors' claims to the assets of a business.

Current assets are the assets that are either used up or converted to cash during the normal cycle of business.

________________________ is the total amount of money owed to a business

Fixed assets are items of value that will be held for more than one year.

A ___________________ is a plan specifying how money will be used or spent during a particular period.

A _______________________ is an estimate of a business's financial outlook for the few years.

______________ is money supplied by investors, banks, or owners of a business.

An accounting period is NOT the period of time reflected by a accounting report.

The income statement is sometimes called a profit and loss statement.

_____________ is the present value of an asset less all claims against it.

The _______________________ is a financial report that shows incoming and outgoing money during an accounting period (often a month, quarter, or year).