ACCOUNTING CROSSWORD PUZZLE

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Across
  1. 4. = Something that is in its
  2. 13. = Complete record of the financial transactions of business from start of operations
  3. 15. = An order from a customer (or buyer) for a specified number of certain goods
  4. 16. = Formal financial report comprised mainly but not limited to BS, IS, and Cash Flow Statement
  5. 17. = firsts spreadsheet software that enabled financial modeling on the computer
  6. 19. = Requires one to initially record an asset, liability, or equity investment at its original acquisition.
  7. 21. = the excess of revenues over expenses.
  8. 23. = payments accorded to employees other than salaries and wages
  9. 30. = _____ obligation evidenced by promissory notes issued by the firm.
  10. 32. = Something that is in its “raw” or “natural” state to be used in the production process
  11. 34. = first professional organizations for accountants established in _____.
  12. 36. = are the ‘gross outflow of economic benefits during the period arising in the course off ordinary activities of an enterprise when those outflow result in decrease in equity, other that relating to distribution to owners’.
  13. 37. = Principle states that you only record business transactions that can be manifest in terms of a currency.
  14. 38. = Examples such as chairs and tables, air conditioners, cabinets, electric fans.
  15. 39. Concern = The business will continue in operational existence for the foreseeable future.
  16. 40. or ____ state to be used in the production process
  17. 41. = Accounting information is necessary in securing finance. Whether an organization applies for a bank loan or an investment by shareholders, it will be required to provide historic financial record (e.g. profit or loss for past five years) as well as financial projections (e.g. forecast sales for the next 3 years).
  18. 42. = Revenues and profits were not forecasted. Perceived gains with reasonable certainty are the one accepted in the profit and loss account.
  19. 47. = these are expenses incurred by the enterprise but not yet paid.
  20. 49. = A document that summarizes all transactions in the ledger, classified as DR or CR
  21. 51. = Helps creating budgets ans future business ____.
  22. 53. = Systematic and Chronological recording of business transactions that observes the fundamental principles of accounting.
  23. 55. = Considered as the ‘life-blood’ of a nation.
  24. 56. = for the amount paid for business permits, licenses, and other government dues except the Income Tax paid which is not allowable by law as a deduction
  25. 58. = for compensation given to employees of a business
  26. 59. = an expense incurred from borrowed money.
Down
  1. 1. = for income earned on buildings, space or other properties owned and rented out by business as the main line of its activity
  2. 2. = is equal to it carrying value on the balance sheet, and companies calculate it netting the asset against its accumulated depreciation.
  3. 3. = Debts that are payable over a period more than on yeaR
  4. 5. = Is a time covers certain accounting functions, which can be either a calendar or fiscal year, but also a week, month, or quarter, etc.
  5. 6. = The business and its owners are two separate entities.
  6. 7. = The residual interest in the assets of the enterprise after deducting all the liabilities.
  7. 8. Assets that can be converted to cash in one year (also called shortterm assets)
  8. 9. = Written authorization to vendor to deliver goods in specific quantities at a prior-agreed price
  9. 10. = In general, this is the account title used for all types of income derived from rendering services.
  10. 11. the expired or expense portion of an intangible asset.
  11. 12. = The fundamental role of accounting is to maintain a systematic, complete, accurate and permanent record of all transactions of a business which could be retrieved and reviewed whenever necessary.
  12. 14. = One of the key objectives of an accounting system is to place sufficient internal controls within an organization for the safeguarding of its valuable resources.
  13. 18. = Principle using accrual accounting demands that revenues are recognized when realized and earned- not when cash is received.
  14. 20. = ____ was used in 1995 to store data instead of punch card
  15. 22. = Accounting is a legal requirement for most businesses. Law requires businesses to maintain an accurate financial record of their transactions and to report their financial results to shareholders, tax authorities and regulators.
  16. 24. = One entry made for each transaction; used to record income and expense; used for very small business
  17. 25. = Method of recording financial transactions in which each transaction is entered in two or more accounts resulting to a self-balancing posting. In other words, DR = CR
  18. 26. = for income received by the business arising from an account of money borrowed by a costumer and is usually covered by a promissory note.
  19. 27. = Is a major component of managerial accounting. Budgets enable organizations to plan ahead by anticipating business needs and resources.
  20. 28. = Compensation usually associated with executives, managers, office employees
  21. 29. = Financial statements show the financial position of a business.
  22. 31. = Accounting helps managers in making a range of business decisions and developing policies to make the organizational processes more efficient.
  23. 33. = Accounting provides a basis for performance assessment of a business over a period of time which promotes accountability across several tiers of an organization.
  24. 35. = Entity that loans money or assets to another
  25. 43. = ____ discovered the earliest writings which are accounts of tax record on clay tablets.
  26. 44. Role of accounting is not just limited to the information needs of employees and investors of a business.
  27. 45. = A liability incurred for payments received in advance prior to providing goods or service
  28. 46. = Organizations need to plan how they intend to allocate their limited resources (e.g. cash, labor, materials, machinery and equipment) towards competing needs in the future. An effective way of doing so is by using various forms of budgets.
  29. 48. = account title for the expired portion of the insurance premium paid.
  30. 50. = Assets that can be converted to cash in the long-term (also called long-term assets or noncurrent assets)
  31. 52. = Accountancy helps in determining how well a business is performing by summarizing the financial information into quantifiable measures (e.g. sales revenue, profit, expenses, etc.).
  32. 54. = A list of original entries of daily financial transactions
  33. 57. = A written promise to pay a certain amount in the future