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