Worksheet 1 Topic #4051 Methods of Accounting

Worksheet 1
Topic #4051
Methods of Accounting
Kendra Butters
2. payment received from goods or services, can be cash or noncash
7. unpaid bills or debts
9. financial statement of equity for an individual/business for a specific point in time; list of assets and
10. income is reported in the year earned and expenses are deducted or capitalized in year incurred
1. revenue minus expenses
3. cost of goods or services involved with producing a product or service
4. summary of revenues and expenses over a given period of time
5. method of accounting where income is credited to the year it was received and expenses are deducted
in the year they were paid
6. income to the business from the sale of goods or services or changes in inventory
8. difference between income and expenditures