ACCOUNTING TERMS

Across

2. the net result of expenses exceeding revenues.
5. This affects owner’s equity
7. capital stock having no preferences generally in terms of dividends, voting rights or distributions
8. 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.
9. A non-corporation representing an association of two or more persons organized to carry out a business plan for a profit motive
16. Also known as the acid test ratio.
17. Also known as a permanent account.
20. The products that have been made and are ready for sale.
23. Amounts owed by an entity to others
26. The systematic allocation of an intangible asset to expense over a certain period of time.
28. The record of checks issued or written, deposits, bank charges, bank credits and the resulting balance. Also referred to as the check register.
30. To assign costs to a product, department, customer, etc. on an arbitrary basis.
32. Amounts paid from profits of a corporation to shareholders as a return on their investment in the stock of the entity
33. The use of borrowed funds to increase the profit from an investment.
34. Financial shortage that occurs when liabilities exceed assets.
35. The long-term asset category of a classified balance sheet which appears immediately after the current assets.
38. A written promise to repay money.
39. Costs that are matched with revenues on the income statement.
41. The excess of a corporation's income over its dividends
44. The inability to pay liabilities as they become due.
48. Account considered to be an offset to another account.
50. Payment for the use or forbearance of money.
52. To record accounting entries
57. Someone who has granted credit.
59. Merchandise that was returned to the seller by a customer.
61. A decrease in the value of a long-term asset to an amount that is less than the amount shown under the cost principle.
64. Entry on the right side of an account.
66. Amount due at maturity from a bond or note.
67. The difference between net sales and cost of goods sold
69. The difference between assets and liabilities
70. A qualitative characteristic in accounting. It is achieved when information is verifiable, objective (not subjective) and you can depend on it.
72. Transportation charges on merchandise sold; an operating expense
73. The ratio of total liabilities to total assets.
74. The economic resources owned by an entity; entailing probable future benefits to the entity

Down

1. A bill issued by a seller of merchandise or by the provider of services.
3. A current asset representing the cost of supplies on hand at a point in time.
4. A form of business organization where ownership is represented by divisible units called shares of stock
6. A current asset whose ending balance should report the cost of a merchandiser's products awaiting to be sold.
10. An asset that arises from selling goods or services to someone on credit.
11. Sales before deducting sales returns, sales allowances, and sales discounts.
12. Transportation charges on merchandise purchased for resale.
13. The amount before deductions.
14. A special or specialized journal to record sales of merchandise to customers
15. Series of payments, usually payable at specified time intervals.
18. A reference to stockholders' equity.
19. The simple and most flexible type of journal.
21. Method of computing a deduction to account for a reduction in value of extractable natural resources.
22. A set of concepts and techniques that are used to measure and report financial information about an economic unit.
24. Asset having no physical existence such as trademarks and patents.
25. A financial statement that presents a firm's assets, liabilities, and owners' equity at a particular point in time
27. A book containing accounts.
29. Fees earned from providing services and the amounts of merchandise sold.
31. The actual cost of direct materials, the actual cost of direct labor, and manufacturing overhead applied by using a predetermined annual overhead rate.
36. 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.
37. Usually a bank, finance company, or person that makes a loan to another party, who is referred to as the borrower.
40. A record in the general ledger that is used to collect and store similar information.
42. Expense allowance made for wear and tear on an asset over its estimated useful life.
43. This could be the difference between cost and the selling price.
45. The excess of revenues over expenses for a designated period of time
46. The person or business that receives a loan from a bank or other lender.
47. A loss that occurs by holding an asset.
49. The person that owes money.
51. Entry on the left side of an account.
53. cost A cost or expense where the total changes in proportion to changes in volume or activity.
54. Net of cash receipts and cash disbursements relating to a particular activity during a specified accounting period.
55. Goods sold by a retailer, wholesaler, distributor, manufacturer, etc.
56. A stated legal amount often appearing on preferred stock, bonds, and some common stock.
58. An organization charged with producing accounting standards with global acceptance (acronym)
60. Transfer of an asset's title from seller to buyer for a stated amount.
62. Expense An expense that has occurred but is not recognized in the accounts.
63. An accounting year that ends on a date other than December 31.
64. An individual who is licensed by a state to practice public accounting (acronym)
65. The examination of transactions and systems that underlie an organization's financial statements with the goal or reporting thereon
68. The person or organization to whom a check is written.
71. All or portion of an account, loan, or note receivable considered to be uncollectible.