ACCOUNTING TERMS

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