Accounting Vocabulary Review 2

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Across
  1. 4. Planning, recording, analyzing, and interpreting financial information.
  2. 5. Financial rights to the assets of a business (The entire right side of the accounting equation).
  3. 8. A sale for which cash will be received at a later date. (3 words)
  4. 10. The difference between increases and decreases in an account. (The current value of an account.) – (2 words)
  5. 13. Cost of goods or services used to operate the business.
  6. 15. A financial statement that reports the changes in the Capital account for a proprietorship for a period of time. (First word only: ______ of OE)
  7. 18. The amount remaining after the value of all liabilities is subtracted from the value of all assets. (2 words)
  8. 19. An equation showing the relationship among assets, liabilities, and owner's equity. (First word only: _____ equation)
  9. 20. A financial statement showing the revenue and expenses for a fiscal period. (First word only: _______ Statement)
Down
  1. 1. Accounts that do NOT close at the end of a fiscal period.
  2. 2. Customers to whom you have sold on account to; future amounts to be received. – (2 words)
  3. 3. An amount owed by a business.
  4. 6. A financial statement that reports the value of a business' assets, liabilities, and owner's equity on a specific date. (First word only: ______ Sheet)
  5. 7. A business activity that changes the amount of an asset, liability, or owner's equity.
  6. 9. The series of accounting activities included in recording financial information for a fiscal period. (Second word only: Accounting _______)
  7. 11. Accounts that get closed to 0 at the end of each fiscal period.
  8. 12. An increase in equity resulting from the sale of goods or services.
  9. 14. Businesses that are owed money by our company (Second word only: each account title in the Liabilities section begins with Accounts ________)
  10. 16. The account used as a "storage facility" for sales and expenses before they are transferred to Capital. (2 words)
  11. 17. Assets taken out of business for owner's personal use.