Accounting 1 Unit 3 Vocab Crossword

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Across
  1. 1. A business form that orders a bank to pay cash from a bank account. It contains the date, amount, the name of the payee to whom the check was written and what the check purchased. The check stub is the record of information on a check and shows the balance of the account.
  2. 5. The amount in an account
  3. 7. The amount remaining after the value of all liabilities is subtracted from the value of all assets
  4. 11. Shows the date payment was made, the name of the person or business that paid and the amount paid
  5. 12. The process of recording the transactions in a journal
  6. 13. Shows the relationship among assets, liabilities, and owner’s equity. It is most often stated as: Assets = Liabilities + Owner’s Equity
  7. 15. Consists of four parts: date, debit, credit and source document and is recorded in the journal for each transaction
  8. 16. A form that contains a brief message describing a transaction. Often used when there is no other type of source document
  9. 18. Assets taken out of a business for the owner’s personal use
  10. 20. An amount recorded on the right side of a T-account
  11. 22. A form that is used to record transactions in chronological order
  12. 23. An invoice that is used to record a sale on account. Can also use the terms Sales Slip and Sales Ticket. (Southwestern uses this term for all sales on account and does not use the term Invoice. Glencoe uses this term to record all sales on account transactions. Also, Glencoe uses the terms Sales Slip and Sales Ticket for a merchandising business.)
  13. 24. An accounting device used to analyze transactions
  14. 25. The account used to summarize the owner’s equity in a business
  15. 27. A business activity that changes assets, liabilities, or owner’s equity
  16. 28. Recording the debit and credit part of a transaction. Every transaction affects at least two accounts. Debits must equal credits
Down
  1. 2. A decrease in the owner’s equity resulting from the operation of a business
  2. 3. A journal that has two amount columns that can contain a variety of different transactions
  3. 4. The planning, recording, analyzing, and interpreting of financial information
  4. 6. The side of the account that is increased
  5. 8. A record summarizing all the information pertaining to a single item in the accounting equation
  6. 9. Anything of value that is owned
  7. 10. Contains the date of the transaction, quantity, description and cost of each item and payment terms. (Glencoe uses this term to show buying supplies on account for the service business.)
  8. 13. The name given to an account
  9. 14. An increase in owner’s equity resulting from the operation of a business
  10. 17. A business paper that contains the information needed to record the journal entry
  11. 19. A sale for which cash will be received at a later date
  12. 20. A list of accounts used by a business
  13. 21. An amount recorded on the left side of a T-account
  14. 26. An amount owed by a business