ACCOUNTING TERMS

Across

2. The economic resources owned by an entity; entailing probable future benefits to the entity
4. To record accounting entries
8. Cost that remain constant within a defined range of activity, volume, or time period.
11. The person or business that receives a loan from a bank or other lender.
15. The difference between net sales and cost of goods sold
16. The use of borrowed funds to increase the profit from an investment.
17. The time at which payment of a loan or bond becomes due.
18. Transportation charges on merchandise purchased for resale.
19. A financial statement that presents a firm's assets, liabilities, and owners' equity at a particular point in time
21. The record of checks issued or written, deposits, bank charges, bank credits and the resulting balance. Also referred to as the check register.
23. Net of cash receipts and cash disbursements relating to a particular activity during a specified accounting period.
24. This affects owner’s equity
27. The long-term asset category of a classified balance sheet which appears immediately after the current assets.
30. An organization charged with producing accounting standards with global acceptance (acronym)
31. Transfer of an asset's title from seller to buyer for a stated amount.
33. An interval of time with a specified length or characterized by certain conditions.
34. Any book of accounts containing the summaries of debit and credit entries.
35. Financial shortage that occurs when liabilities exceed assets.
39. Written authorization to a vendor to deliver specified goods or services at a stipulated price.
40. A record in the general ledger that is used to collect and store similar information.
41. A current asset representing the cost of supplies on hand at a point in time.
42. Amounts owed by an entity to others
45. An asset that arises from selling goods or services to someone on credit.
48. The examination of transactions and systems that underlie an organization's financial statements with the goal or reporting thereon
51. A qualitative characteristic in accounting. Associated with information that is timely, useful, has predictive value, and is going to make a difference to a decision maker.
52. Something spent on a specific item or for a particular purpose.
54. Also known as the acid test ratio.
55. Amounts paid from profits of a corporation to shareholders as a return on their investment in the stock of the entity
56. A small amount of CASH that a company keeps on hand to pay for minor expenses in an office.
58. The ratio of total liabilities to total assets.
59. Asset having no physical existence such as trademarks and patents.
61. The person or organization to whom a check is written.
62. A set of concepts and techniques that are used to measure and report financial information about an economic unit.
64. The inability to pay liabilities as they become due.
66. An individual who is licensed by a state to practice public accounting (acronym)
67. This could be the difference between cost and the selling price.
68. A current asset whose ending balance should report the cost of a merchandiser's products awaiting to be sold.
69. A decrease in the value of a long-term asset to an amount that is less than the amount shown under the cost principle.
71. The systematic allocation of an intangible asset to expense over a certain period of time.
72. Any cost that cannot be conveniently and economically traced to a specific department
73. Series of payments, usually payable at specified time intervals.
74. the net result of expenses exceeding revenues.

Down

1. All or portion of an account, loan, or note receivable considered to be uncollectible.
3. Items that can be bought or sold; commercial goods.
5. A reference to stockholders' equity.
6. Entry on the right side of an account.
7. Sales before deducting sales returns, sales allowances, and sales discounts.
9. capital stock having no preferences generally in terms of dividends, voting rights or distributions
10. Payment for the use or forbearance of money.
12. Also known as a permanent account.
13. Someone who has granted credit.
14. A non-corporation representing an association of two or more persons organized to carry out a business plan for a profit motive
20. A written promise to repay money.
22. To misuse or embezzle funds.
25. The recognition of an expense or revenue that has occurred but has not yet been recorded.
26. A bill issued by a seller of merchandise or by the provider of services.
28. The simple and most flexible type of journal.
29. A form of business organization where ownership is represented by divisible units called shares of stock
32. The excess of a corporation's income over its dividends
36. Account considered to be an offset to another account.
37. Entry on the left side of an account.
38. To assign costs to a product, department, customer, etc. on an arbitrary basis.
41. Merchandise that was returned to the seller by a customer.
43. Method of computing a deduction to account for a reduction in value of extractable natural resources.
44. Fees earned from providing services and the amounts of merchandise sold.
46. The excess of revenues over expenses for a designated period of time
47. Amount due at maturity from a bond or note.
49. Transportation charges on merchandise sold; an operating expense
50. The products that have been made and are ready for sale.
53. A loss that occurs by holding an asset.
57. A qualitative characteristic in accounting. It is achieved when information is verifiable, objective (not subjective) and you can depend on it.
58. The person that owes money.
60. The actual cost of direct materials, the actual cost of direct labor, and manufacturing overhead applied by using a predetermined annual overhead rate.
63. Expense allowance made for wear and tear on an asset over its estimated useful life.
65. A special or specialized journal to record sales of merchandise to customers
70. The difference between assets and liabilities