Crossword 1

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Across
  1. 2. Present value of future cash estimated to be generated.
  2. 6. To misuse or embezzle funds.
  3. 9. Agreement between a CPA firm and its client to an audit.
  4. 10. a loan repayable on demand. AKA demand loan.
  5. 13. are those that will be converted to cash within one year. Typically, this could be cash, inventory or accounts receivable.
  6. 16. a designation given to an accountant who has passed a standardized CPA Exam and met government-mandated work experience and educational requirements to become a CPA
  7. 18. Engagement- Agreement between a CPA firm and its client to issue a compilation report.
  8. 23. Annual interest on a bond divided by the market price.
  9. 24. Payment by cash or check.
  10. 28. the revenue or expense expected to be generated through business activities over a period of time
  11. 29. a list of expenses that have been incurred and expensed, but not paid or a list of sales that have been completed, but not yet billed
  12. 33. Rate of return that a business could earn if it choose another investment with equivalent risk.
  13. 34. Written promise to repay a debt.
  14. 36. third party accountants who review an entity’s financial statements for accuracy and provide a statement to that effect
  15. 39. The stockholder’s investment in a corporation.
  16. 41. Process of divulging accounting information so that the content of financial statements is understood.
  17. 42. a financial asset or the value of a financial asset, such as cash or goods.
  18. 48. Willful misrepresentation by one person of a fact inflicting damage on another person.
  19. 50. The Product that have been made and are ready for sale.
  20. 52. Selling a receivable at a discounted value to a third party for cash.
  21. 54. Original price of an asset, used in determining capital gain.
  22. 60. agreement by which rights or act are exchange for lawful consideration.
  23. 62. to set aside for a specific reason.
  24. 63. to pay or make payment for something.
  25. 68. Funds that a borrower must keep on deposit as required by a bank.
  26. 72. business expenditures not directly associated with the production of goods or services.
  27. 73. Method of computing a deduction to account for a reduction in value of extractable natural resources.
  28. 74. a person who own a bond certificate issued by the government or corporation.
  29. 78. are long-term and will likely provide benefits to a company for more than one year, such as a real estate, land or major machinery.
  30. 80. an additional agreement to a bond issue that defines the right, privileges, and limitations of bondholders.
  31. 83. The person who invests capital in the business and entitled to have all profits and losses of the business is called proprietor or owner of the business.
  32. 84. redeemable by the issuer before scheduled maturity.
  33. 85. Financial shortage that occur when liabilities exceed assets.
  34. 88. an accounting entry where there is either an increase in assets or a decrease in liabilities on a company's balance sheet.
  35. 89. Arrangement in which one party borrows or takes possession in the present by promising to pay in the future.
  36. 90. Document which is evidence of an obligation or liability.
  37. 91. are those debts that are payable within a year, such as a debt to suppliers.
  38. 92. These are those goods which are left unsold in the business at the end of the year.
  39. 93. The quantity of merchandise available for a sale at the beginning of an accounting period.
  40. 94. bulk goods such as grains, metal, and foods traded on a commodities exchange or on spot market.
  41. 95. the line in a financial statement the shows net income or loss.
  42. 96. The amount of money owed by customers or clients to a business after goods or services have been delivered and/or used.
Down
  1. 1. an incurred expense that hasn’t been paid yet.
  2. 3. Individual or firm acting as a principal in a securities transaction.
  3. 4. Repayment of debt.
  4. 5. Ratio of cash and marketable securities to current liabilities.
  5. 7. an approach to product costing that assign a representative portion of all types of manufacturing costs.
  6. 8. Person who takes on the risk of starting new business.
  7. 9. The recognition of an expense or revenue that has occurred but has not yet been recorded.
  8. 11. a systematic way of recording and reporting financial transactions for a business or organization.
  9. 12. a company's total earnings, also called net profit.
  10. 14. the total amount of cash collected in business transactions over the course of one day.
  11. 15. An event that might happen but that is not likely or planned.
  12. 16. Convert a schedule of income into a principal amount, called capitalized value by dividing by a rate of interest.
  13. 17. A professional examination of a company’s financial statement by a professional group and using GAAP
  14. 19. any loss of asset due to fire storm act on nature causing asset damage from unexpected or accidental force.
  15. 20. Expense allowance made for wear and tear on an asset over its estimated useful life.
  16. 21. a business partnership, especially when it is unincorporated.
  17. 22. Loan repayable on demand. Also known as a call loan.
  18. 25. Series of payment, usually payable at specified time intervals.
  19. 26. This may be in form of raw material or finished goods.
  20. 27. Variance- Excess of actual revenue over projected revenue.
  21. 30. gradual reduction of amounts in an account over time, either assets or liabilities
  22. 31. Report- See accountant’s report.
  23. 32. a state where an individual or organization can no longer meet financial obligations with lender(s) when their debts come due.
  24. 35. the amount below Par value that a bond sells for.
  25. 37. Auction system in which the price of an item is gradually lowered until it meets a responsive bid and is sold.
  26. 38. Increase in the value pf an asset such as stock, bond, commodity
  27. 40. A sequence of steps followed in the accounting process to measure business transaction and to transform the measurement into financial statement for a specific period of time.
  28. 43. Party that loans money or other assets to another party.
  29. 44. Decline in the prices of goods and services.
  30. 45. complete record of the financial transactions over the life of a company.
  31. 46. payments like rent that will happen in a regularly scheduled cadence.
  32. 47. purchase of at least a controlling percentage of a company’s stock to take over its asset and operations.
  33. 49. An exclusive right granted by federal government to the possessor to publish and sell literary musical or other artistic materials for a period of time.
  34. 51. are typically payable over a period of time greater than one year.
  35. 53. Party owing money or other assets to a creditor.
  36. 55. Profits that are not paid out as dividends but are instead added to the company’s capital base.
  37. 56. a type of long term promissory note that is issued it to the public as a security.
  38. 57. expenses, expenses like labor costs, that may change in a given time period.
  39. 58. a specific price usually above face value.
  40. 59. Average market price of a group of securities at a given time.
  41. 61. a company's debts or financial obligations incurred during business operations.
  42. 64. the fixed, variable, accrued or day-to-day costs that a business may incur through its operations.
  43. 65. a business document in which all ledgers are compiled into debit and credit columns in order to ensure a company’s bookkeeping system is mathematically correct.
  44. 66. set of rules and guidelines developed by the accounting industry for companies to follow when reporting financial data.
  45. 67. the current value of a future sum of money based on a specific rate of return.
  46. 68. Officer of a firm principally responsible for the activities of a company.
  47. 69. All or portion of an account, loan, or note receivable considered to be uncollectible.
  48. 70. Percentage of the selling price of the property, paid by the seller.
  49. 71. a financial report that summarizes a company's assets (what it owns), liabilities (what it owes) and the owner or shareholder equity, at a given time.
  50. 73. the process of allocating or spreading capital investments into varied assets to avoid over-exposure to risk.
  51. 75. the amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered.
  52. 76. Value- Amount due at maturity, from a bond or note.
  53. 77. Formal instrument issued by a bank upon the deposit of funds which may not be withdrawn for specified time period.
  54. 79. One company taking over controlling interest in other company.
  55. 81. Transportation charges on merchandise sold.
  56. 82. Provision of tax law that allows current losses or certain tax credits to be utilized in the tax return of future periods.
  57. 86. transportation charges on merchandise purchased for resale.
  58. 87. an accounting entry that may either decrease assets or increase liabilities and equity on the company's balance sheet, depending on the transaction.