FABM 1 Quiz

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Across
  1. 5. The process of transferring amounts from the journal to the general ledger.
  2. 6. The principle that treats a business and its owner as separate and distinct entities.
  3. 9. The assumption that a business will continue to operate indefinitely unless there is evidence to the contrary.
  4. 11. Accounts that are closed at the end of the accounting period, such as revenues and expenses.
  5. 14. An asset account representing rent paid in advance but not yet used.
  6. 17. The account title for money on hand or in the bank available for operations.
  7. 18. Assets expected to be realized in cash or consumed within one year.
  8. 21. The account title for amounts owed to suppliers for goods or services bought on credit.
  9. 22. A temporary account used during the closing process to summarize revenues and expenses.
  10. 25. Debts or obligations of the business to outside parties.
  11. 27. The concept that the life of a business can be divided into specific intervals, such as a month or a year.
  12. 29. The account title used to record the earnings of a service-oriented business.
  13. 31. The process of allocating the cost of a fixed asset over its useful life.
  14. 33. A list of all account titles and their corresponding numbers used by a business.
  15. 34. Economic resources owned by the business, such as cash or equipment.
  16. 35. A liability account for money received before the service is provided.
  17. 36. The account title for payments made to employees for their labor.
  18. 37. The result when total revenues are greater than total expenses.
Down
  1. 1. Entries made at the end of the period to update accounts for accruals and deferrals.
  2. 2. Entries made to zero out the balances of nominal accounts at the end of the period.
  3. 3. A trial balance prepared after all nominal accounts have been closed.
  4. 4. A multi-column paper used to simplify the preparation of financial statements.
  5. 7. The account title for amounts due from customers for services rendered on credit.
  6. 8. The process of recording business transactions in a chronological order.
  7. 10. The principle that only transactions that can be expressed in terms of money should be recorded.
  8. 12. The "Book of Final Entry" where accounts are kept in a summarized form.
  9. 13. The side (debit or credit) where a specific account increases.
  10. 15. A list of all accounts and their balances to prove debits equal credits.
  11. 16. The principle that assets should be recorded at their original purchase price.
  12. 19. The residual interest of the owner in the assets of the business.
  13. 20. The principle of recognizing expenses in the same period as the revenues they helped generate.
  14. 23. Long-term assets not intended for immediate sale, like land or buildings.
  15. 24. An expense incurred but not yet paid or recorded at the end of the period.
  16. 26. Income earned but not yet collected or recorded at the end of the period.
  17. 28. The term for an entry made on the left side of an account.
  18. 30. The term for an entry made on the right side of an account.
  19. 32. The "Book of Original Entry" where transactions are first recorded.