FINANCIAL POSITION AND SIMPLE LEDGER

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Across
  1. 1. Account _________:An account where a business owes money to a creditor.
  2. 3. Another word for Owner’s equity; usually appears after the owner’s name on a balance sheet.
  3. 4. ______ Principle: states that the accounting for purchases must beat the cost price to the purchaser, and should appear on a source document
  4. 8. ______________: principle where the assets or profits for a business should neither be overstated nor understated.
  5. 10. A statement showing the financial position of an individual, company or other organization on a certain date. (2 wds)
  6. 11. Acronym for generally accepted accounting principles.
  7. 12. ________Concept: GAAP which states that it should be assumed that a business will continue to operate unless it is known that it will not (2 wds)
  8. 14. A listing of the account balances in a ledger. (2 wds)
  9. 16. Document required to verify the dollar amount of a transaction (2 wds)
  10. 20. ANALYSIS _________ _____________ sheet: an ideal tool for studying and recording changes in financial position ( 2 wds)
  11. 22. ______________ Principle: states that accounting will be recorded on the basis of objective evidence.
  12. 24. one of two kinds of accounts that usually has a credit balance
  13. 25. The ease in which an asset can be converted into cash Principle of
Down
  1. 2. A balance in an account that is on the opposite side from what it normally is.
  2. 5. kind of account that is usually a debit account
  3. 6. The status of a business, as represented by the assets, liabilities, and owner’s equity (2 wds)
  4. 7. A group or file of accounts.
  5. 8. Anyone who is owed money by a business
  6. 9. Anyone who owes money to a business
  7. 13. One of two kinds of accounts that usually a credit balance (2 wds)
  8. 15. The _______________ Concept: GAAP which states that the accounting for a business should be kept separate from the personal affairs of its owner. (2 wds)
  9. 17. Event that causes the financial position of a business to change
  10. 18. The right side in accounting.
  11. 19. Term used when a purchaser delays payment for a period of time: ON ____________ .
  12. 21. Account _________:An account where money is owed to a business from its customers.
  13. 23. A state in which the total vaue of all the accounts with debit balances is equal to the total value of all the accounts with credit balances. (2 wds)
  14. 26. The left side in accounting.