Accounting Terms: Back to Basic

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Across
  1. 5. an asset created by selling products or services on credit
  2. 7. charge for using money until repaid at a future date
  3. 10. resources owned or controlled by a company that provide expected future benefits to the company
  4. 11. method to assign cost to inventory that assumes items are sold in the order acquired
  5. 14. journal entry at the end of an accounting period to bring an asset or liability account to its proper amount and update the related expense or revenue account
  6. 16. amount by which a company's value exceeds the value of its individual assets and liabilities
  7. 17. inflows of assets in exchange for products and services provided to customers as part of a company’s operations
  8. 19. security that represents ownership in a corporation; holders exercise control by electing a board of directors and voting on corporate policy
  9. 20. entity created by law and separate from its owners
  10. 22. describes the sources and uses of cash for a reporting period
  11. 23. an entry that increases asset and expense accounts, and decreases liability, equity ad revenue accounts
  12. 24. process of allocating the cost of an intangible asset to expense over its estimated useful life
  13. 25. income statement, balance sheet, statement of changes in owner’s equity, and statement of cash flows
Down
  1. 1. length of time an asset will be productively used in the operations of a business
  2. 2. obligations due to be paid or settled within the longer of one year of the operating cycle
  3. 3. record within an accounting system where increases and decreases in a specific asset, liability, equity, revenue, or expense are entered and stored
  4. 4. customers and other individuals and organizations who owe a company
  5. 6. estimate of amount to be recovered at the end of an asset's useful life
  6. 8. occurs when expenses exceed revenues
  7. 9. class of ownership in a corporation that has a higher claim on its assets and earnings than common stock
  8. 12. net sales minus cost of goods sold
  9. 13. merchandise a company owns and expects to sell in its normal operations
  10. 15. total cost of an asset less its accumulated depreciation
  11. 18. expense created by allocating the cost of plant and equipment to periods in which they are used; represents the expense of using an asset
  12. 21. equals a corporation’s accumulated net income (loss) for all prior periods that has not been distributed to shareholders