ACCOUNTING TERMS

Across

5. The difference between assets and liabilities
9. Amount due at maturity from a bond or note
10. Transportation charges on merchandise purchased for resale
11. The person or organization to whom a check is written
12. Someone who has granted credit
13. Net of cash receipts and cash disbursements relating to a particular activity during a specified accounting period.
18. Financial shortage that occurs when liabilities exceed assets.
20. A current asset whose ending balance should report the cost of a merchandiser's products awaiting to be sold
21. Sales before deducting sales returns, sales allowances, and sales discounts\
22. Transportation charges on merchandise sold; an operating expense
25. The use of borrowed funds to increase the profit from an investment
29. A written promise to repay money
32. A record in the general ledger that is used to collect and store similar information
33. The person that owes money
35. The amount before deductions
37. The amount added to the price of a product by a retailer to arrive at a selling price
38. Expense allowance made for wear and tear on an asset over its estimated useful life.
40. The actual cost of direct materials, the actual cost of direct labor, and manufacturing overhead applied by using a predetermined annual overhead rate
41. A bill issued by a seller of merchandise or by the provider of services.
43. Asset having no physical existence such as trademarks and patents.
46. A stated legal amount often appearing on preferred stock, bonds, and some common stock
48. Account considered to be an offset to another account
54. This affects owner’s equity
55. A decrease in the value of a long-term asset to an amount that is less than the amount shown under the cost principle.
56. A cost or expense where the total changes in proportion to changes in volume or activity
59. Also known as a permanent account
61. The price investors are willing to pay for a share of stock on the open market
62. A loss that occurs by holding an asset
63. An asset that arises from selling goods or services to someone on credit
64. The economic resources owned by an entity; entailing probable future benefits to the entity
66. The products that have been made and are ready for sale
68. A qualitative characteristic in accounting. It is achieved when information is verifiable, objective (not subjective) and you can depend on it
71. Last reported price at which a SECURITY was sold on an exchange
72. A book containing accounts
73. The time at which payment of a loan or bond becomes due
74. Entry on the right side of an account
75. Series of payments, usually payable at specified time intervals.

Down

1. All or portion of an ACCOUNT, loan, or note receivable considered to be uncollectible
2. To assign costs to a product, department, customer, etc. on an arbitrary basis
3. A qualitative characteristic in accounting. Relevance is associated with information that is timely, useful, has predictive value, and is going to make a difference to a decision maker
4. Usually a bank, finance company, or person that makes a loan to another party, who is referred to as the borrower
6. The excess of revenues over expenses for a designated period of time
7. The ratio of total liabilities to total assets
8. Amounts paid from profits of a corporation to shareholders as a return on their investment in the stock of the entity
14. A financial statement that presents a firm's assets, liabilities, and owners' equity at a particular point in time
15. An accounting year that ends on a date other than December 31.
16. Amounts owed by an entity to others
17. To record accounting entries
19. The inability to pay liabilities as they become due
23. The excess of a corporation's income over its dividends
24. Items that can be bought or sold
26. The simple and most flexible type of journal
27. A special or specialized journal to record sales of merchandise to customers
28. The difference between net sales and cost of goods sold
30. The systematic allocation of an intangible asset to expense over a certain period of time
31. Capital stock having no preferences generally in terms of dividends, voting rights or distributions
34. A current asset representing the cost of supplies on hand at a point in time
36. Method of computing a deduction to account for a reduction in value of extractable natural resources.
39. The long-term asset category of a classified balance sheet which appears immediately after the current assets
42. Merchandise that was returned to the seller by a customer
44. An expense that has occurred but is not recognized in the accounts
45. An individual who is licensed by a state to practice public accounting (acronym
47. Costs that are matched with revenues on the income statement
49. A form of business organization where ownership is represented by divisible units called shares of stock
50. Also known as the acid test ratio
51. A reference to stockholders' equity
52. A non-corporation representing an association of two or more persons organized to carry out a business plan for a profit motive
53. Fees earned from providing services and the amounts of merchandise sold
57. Costs of a business that are not directly associated with the production or sale of goods or services
58. the net result of expenses exceeding revenues
60. Person or business that receives a loan from a bank or other lender
65. Payment for the use or forbearance of money
67. Transfer of an asset's title from seller to buyer for a stated amount
69. To report a revenue or expense that has occurred, but has not yet been entered in the accounting records
70. An organization charged with producing accounting standards with global acceptance (acronym)