ACCOUNTING TERMS

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Across
  1. 4. The examination of transactions and systems that underlie an organization's financial statements with the goal or reporting thereon
  2. 6. The economic resources owned by an entity; entailing probable future benefits to the entity
  3. 7. An individual who is licensed by a state to practice public accounting (acronym)
  4. 10. This could be the difference between cost and the selling price.
  5. 11. A decrease in the value of a long-term asset to an amount that is less than the amount shown under the cost principle.
  6. 12. A bill issued by a seller of merchandise or by the provider of services.
  7. 15. A current asset whose ending balance should report the cost of a merchandiser's products awaiting to be sold.
  8. 19. Payment for the use or forbearance of money.
  9. 21. A qualitative characteristic in accounting. It is achieved when information is verifiable, objective (not subjective) and you can depend on it.
  10. 24. A current asset representing the cost of supplies on hand at a point in time.
  11. 27. Someone who has granted credit.
  12. 28. The long-term asset category of a classified balance sheet which appears immediately after the current assets.
  13. 30. Amounts paid from profits of a corporation to shareholders as a return on their investment in the stock of the entity
  14. 33. The excess of revenues over expenses for a designated period of time
  15. 34. The simple and most flexible type of journal.
  16. 36. All or portion of an account, loan, or note receivable considered to be uncollectible.
  17. 37. Sales before deducting sales returns, sales allowances, and sales discounts.
  18. 38. 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.
  19. 40. The products that have been made and are ready for sale.
  20. 42. A record in the general ledger that is used to collect and store similar information.
  21. 43. Transportation charges on merchandise purchased for resale.
  22. 46. A set of concepts and techniques that are used to measure and report financial information about an economic unit.
  23. 47. Independent, private, non-governmental authority for the establishment of accounting principles in the United States. (acronym)
  24. 49. The excess of a corporation's income over its dividends
  25. 51. A word used by accountants to communicate that an expense has occurred and needs to be recognized on the income statement even though no payment was made.
  26. 52. capital stock having no preferences generally in terms of dividends, voting rights or distributions
  27. 53. Entry on the right side of an account.
  28. 55. Transfer of an asset's title from seller to buyer for a stated amount.
  29. 56. Also known as a permanent account.
  30. 57. An asset that arises from selling goods or services to someone on credit.
  31. 58. The difference between net sales and cost of goods sold
  32. 60. Fees earned from providing services and the amounts of merchandise sold.
  33. 62. The systematic allocation of an intangible asset to expense over a certain period of time.
  34. 63. An accounting year that ends on a date other than December 31.
  35. 67. Amount due at maturity from a bond or note.
  36. 70. A financial statement that presents a firm's assets, liabilities, and owners' equity at a particular point in time
  37. 71. The person or organization to whom a check is written.
  38. 72. To assign costs to a product, department, customer, etc. on an arbitrary basis.
  39. 73. A form of business organization where ownership is represented by divisible units called shares of stock
  40. 74. This affects owner’s equity
  41. 75. Merchandise that was returned to the seller by a customer.
Down
  1. 1. An organization charged with producing accounting standards with global acceptance (acronym)
  2. 2. The use of borrowed funds to increase the profit from an investment.
  3. 3. To report a revenue or expense that has occurred, but has not yet been entered in the accounting records as of the end of the accounting period.
  4. 5. Method of computing a deduction to account for a reduction in value of extractable natural resources.
  5. 6. Series of payments, usually payable at specified time intervals.
  6. 8. cost A cost or expense where the total changes in proportion to changes in volume or activity.
  7. 9. Amounts owed by an entity to others
  8. 13. The person that owes money.
  9. 14. the net result of expenses exceeding revenues.
  10. 16. A stated legal amount often appearing on preferred stock, bonds, and some common stock.
  11. 17. A book containing accounts.
  12. 18. Financial shortage that occurs when liabilities exceed assets.
  13. 20. Costs that are matched with revenues on the income statement.
  14. 22. Net of cash receipts and cash disbursements relating to a particular activity during a specified accounting period.
  15. 23. To record accounting entries
  16. 25. A reference to stockholders' equity.
  17. 26. Expense allowance made for wear and tear on an asset over its estimated useful life.
  18. 29. Expense An expense that has occurred but is not recognized in the accounts.
  19. 31. The ratio of total liabilities to total assets.
  20. 32. Asset having no physical existence such as trademarks and patents.
  21. 35. A loss that occurs by holding an asset.
  22. 37. The amount before deductions.
  23. 39. Account considered to be an offset to another account.
  24. 41. Also known as the acid test ratio.
  25. 44. Transportation charges on merchandise sold; an operating expense
  26. 45. The actual cost of direct materials, the actual cost of direct labor, and manufacturing overhead applied by using a predetermined annual overhead rate.
  27. 48. The person or business that receives a loan from a bank or other lender.
  28. 50. A written promise to repay money.
  29. 54. Entry on the left side of an account.
  30. 59. A non-corporation representing an association of two or more persons organized to carry out a business plan for a profit motive
  31. 61. The difference between assets and liabilities
  32. 64. The record of checks issued or written, deposits, bank charges, bank credits and the resulting balance. Also referred to as the check register.
  33. 65. Goods sold by a retailer, wholesaler, distributor, manufacturer, etc.
  34. 66. The inability to pay liabilities as they become due.
  35. 68. Usually a bank, finance company, or person that makes a loan to another party, who is referred to as the borrower.
  36. 69. A special or specialized journal to record sales of merchandise to customers