Accounting Terms

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Across
  1. 1. earnings gained from the provision of services or goods, or from the use of assets.
  2. 5. waste or scrap arising from the production process
  3. 10. covers all activities involving the use of funds.
  4. 15. net amount of funds invested in a business by its owners, plus any retained earnings.
  5. 17. internal document describing and authorizing the payment of a liability to a supplier.
  6. 18. series of steps involved in creating a corporation.
  7. 21. outlay incurred to produce a single unit of a product or service.
  8. 22. payment made to acquire the securities of other entities, with the objective of earning a return.
  9. 23. a payment made in exchange for services rendered
  10. 27. written promissory note
  11. 31. international accounting framework within which to properly organize and report financial information.
  12. 32. a current liability account in the general ledger, in which is stored the amount of funds paid by customers in advance of a product or service delivery.
  13. 33. equity instrument subordinate to all other equity classes.
  14. 34. increase in the cost of a product to arrive at its selling price.
  15. 37. profit lost when one alternative is selected over another.
  16. 38. date on which the principal associated with a debt becomes due for payment.
  17. 40. reduction in value of an asset as it is used to generate revenue.
  18. 41. twelve-month period over which an entity reports on the activities that appear in its annual financial statements.
  19. 43. excess of expenses over revenues,
  20. 44. cluster of accounting standards and common industry usage that have been developed over many years.
  21. 45. the examination of an entity's accounting records, as well as the physical inspection of its assets.
  22. 46. compilation of the actual costs of a job.
  23. 49. transportation cost associated with the delivery of goods from a supplier to the receiving entity
  24. 52. assets that are not expected to be consumed or converted into cash within one year
  25. 53. explanation for activities which have significantly influenced the entity's financial results.
  26. 55. reduction of either the monetary amount or a percentage of the normal selling price of a product or service.
  27. 57. the practice of recording, classifying, and reporting on business transactions for a business
  28. 58. difference between revenue and the associated cost of sales.
  29. 60. the investment by an entity's owners in a business,
  30. 61. a person or business is unable to pay obligations when due
  31. 63. order an authorization used in a business to construct goods or provide a service.
  32. 65. process of selling off all the assets of an entity, settling its liabilities, distributing any remaining funds to shareholders, and closing it down as a legal entity.
  33. 69. refers to the delay in recognition of an accounting transaction.
  34. 70. stock price stated in a corporation’s charter.
  35. 73. cost of funds loaned to an entity by a lender
  36. 74. payment to shareholders of a portion of a corporation's earnings.
  37. 75. record of a financial transaction in an entity's accounting database.
  38. 76. a fixed obligation to pay that is issued by a corporation or government entity to investors
Down
  1. 2. profits generated by a business.
  2. 3. a person who engages in accounting activities.
  3. 4. use of a borrowing entity's accounts receivable as the basis for a financing arrangement with a lender.
  4. 6. excess of the purchase price paid for an acquired entity and the amount of the price not assigned to acquired assets and liabilities.
  5. 7. an amount owed for funds borrowed
  6. 8. allows a business to record expenses and revenues for which it expects to expend cash or receive cash, respectively, in a future period
  7. 9. positioned to the right in an accounting entry.
  8. 11. book or database in which double-entry accounting transactions are stored and summarized.
  9. 12. rganizational structure that has its own goals, processes, and records.
  10. 13. type of cash
  11. 14. monetary obligations owed to an organization by its customers and debtors.
  12. 16. form of business organization in which owners have unlimited personal liability for the actions of the business
  13. 19. matching two sets of records to see if there are any differences.
  14. 20. final amount remaining after two or more items have been combined.
  15. 24. has a book value less than its market value
  16. 25. price at which a product or service could be sold in a competitive, open market.
  17. 26. the removal of a previously recognized financial asset or financial liability from an entity's balance sheet.
  18. 28. arrangement between a business and a customer, where the customer can buy goods and services on a deferred payment basis.
  19. 29. salvage value of an asset.
  20. 30. amount prior to any deductions.
  21. 35. subsidiary-level journal in which is stored information about purchasing transactions.
  22. 36. increase in the value of an asset.
  23. 39. negative balance in retained earnings
  24. 42. the process of writing off the book value of an asset over its useful life.
  25. 47. the legal process of liquidating an insolvent debtor's assets, distributing the proceeds to creditors, and relieving the debtor of any further liability
  26. 48. a planned, gradual reduction in the recorded value of an asset over its useful life by charging it to expense
  27. 50. withdrawal of funds or other assets from a business by its owner.
  28. 51. checks that are insufficient
  29. 54. document submitted to a customer, identifying a transaction for which the customer owes payment to the issuer.
  30. 56. costs required to run a business, but which cannot be directly attributed to any specific business activity, product, or service
  31. 59. contractual agreement under which the insured party promises to pay the insurer a periodic amount in exchange for a payout in the event of a future loss
  32. 62. real estate that is exclusive of any buildings or other assets situated on the property.
  33. 64. is a series of fixed payments made at regular intervals.
  34. 65. legally binding obligation payable to another entity.
  35. 66. intended to be sold in the ordinary course of business.
  36. 67. used to acquire goods and services or to eliminate obligations.
  37. 68. positioned to the left in an accounting entry
  38. 71. reduction in the stated price of a product or service to increase sales.
  39. 72. cost layering concept under which the first goods purchased are assumed to be the first goods sold.