BM151 Computerized Accounting through Chapter 2

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Across
  1. 3. A financial statement showing the financial position of an organization on a given date
  2. 7. A liability account used for short-term obligations or charge accounts, usually due within 30 days.
  3. 10. Debts or amounts owed to creditor
  4. 12. The categories under the Assets, Liabilities, and Owner’s Equity headings
  5. 13. An error in placing the decimal point in a number
  6. 14. The amounts a business earns; examples are fees earned for performing services, sales of merchandise, rent income, and interest income. They may be in the form of cash, credit card receipts, or Accounts Receivable (charge accounts)
  7. 15. An event directly affecting an economic entity that can be expressed in terms of money and that must be recorded in the accounting records.
  8. 16. A one-owner business
  9. 17. The official list of titles to be used to record the transactions of a business.
  10. 18. Cash, properties, and other things of value owned by an economic unit or a business entity.
  11. 19. The plus side of a T account.
  12. 20. The right side of a T account; to credit is to record an amount on the right side of a T account. Credits represent increases in liability, capital, or revenue accounts and decreases in asset, drawing, or expense accounts
  13. 21. The left side of a T account; to debit is to record an amount on the left side of a T account. Debits represent increases in asset, drawing, or expense accounts and decreases in liability, capital, or revenue accounts
Down
  1. 1. The owner’s investment, or equity, in an enterprise
  2. 2. The costs that relate to earning revenue (the costs of doing business); examples are wages, rent, interest, and advertising. They may be paid in cash immediately or at a future time (Accounts Payable)
  3. 4. An account used to record the amounts due from (legal claims against) charge customers
  4. 5. One to whom money is owed.
  5. 6. The value of a right or claim to or financial interest in an asset or group of assets.
  6. 8. A report prepared by accountants that summarizes the financial affairs of a business.
  7. 9. The totals of each side of a T account
  8. 11. A financial statement showing the results of business transactions involving revenue and expense accounts over a period of time