| A | B |
|---|
| Accounts Receivable | monies owed to a firm by its customers |
| information quickly | requirement for a good accounting system is that it provides needed_______ |
| liabilities decrease | a true accounting equation is A debit in Assets increases while a debit |
| Balance sheet | financial report that banks look at before deciding to give a loan to a business owner |
| General Journal | A chronological record of the transactions, showing an explanation of each transaction |
| accounting systems | shows if companies are meeting their financial goals |
| trends | reason for studying financial reports is to find in the industry |
| accounting | process of keeping the financial records |
| theft protection | something accounting systems lack if someone steals from them |
| up to date | to be accurate an accounting system must be |
| equity | equity, book value, and net worth is called |
| control the finances | overall purpose of accounting is to |
| financial losses | accurate accounting records important to a business to prevent |
| balance sheets | Businesses use the information collected through the accounting process to prepare accurate |
| cash flow statement | the following financial reports provides estimates of when, where, and how much money will come into and out of a business next year |
