Chapters 14 & 15 Term Review

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Across
  1. 3. does not depreciate
  2. 4. Revenue earned in one fiscal period but not received until a later fiscal period
  3. 5. a note that is not paid when due
  4. 11. life The period of time over which an asset contributes to the earnings of a business
  5. 12. opposite account of federal income tax payable
  6. 14. Physical assets that will be used for a number of years in the operation of a business
  7. 17. opposite account of supplies expense
  8. 18. method of depreciation
  9. 20. opposite account of interest income
  10. 22. assets Cash and other assets expected to be changed for cash or consumed within a year
  11. 25. The tax rate associated with a tax bracket
  12. 27. The amount of accounts receivable a business expects to collect
  13. 28. a loss in the usefulness of a plant asset as a result of wear or obsolescence
  14. 29. the percent of the principal that is due for the use of the funds borrowed
  15. 30. Expense Opposite account of prepaidinsurance
  16. 31. The original amount of a note or the original amount borrowed
Down
  1. 1. The actual count of merchandise at the end of a fiscal period
  2. 2. canceling the balance of a customer account, because the customer does not pay
  3. 6. Accounts receivable that cannot be collected
  4. 7. the person or business that signs a note and thus promises to make payment
  5. 8. the amount that will be received for an asset at the time of its disposal
  6. 9. The interst earned on money loaned
  7. 10. a trial balance prepared before adjusting entries are posted
  8. 13. a trial balance prepared after adjusting entries are posted
  9. 15. The date on which the principal of a note is due to be repaid
  10. 16. A promissory note signed by a business and given to a creditor is entered into the accounting book
  11. 19. The person or business to whom the amount of a note is payable
  12. 21. Crediting the estimated value of uncollectible acoounts to a contra account
  13. 23. A written and signed promise to pay a sum of money at a specified time
  14. 24. a business that purchases finished products and resells them to consumers
  15. 26. the length of time from the signing date to the maturity date