MCD 1010 Accounting Crossword 2

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Across
  1. 2. Drawings normally has --- entries.
  2. 3. Ledger accounts can use T format or --- format.
  3. 7. Assets are economic resources --- by a business.
  4. 9. The trading stock of a business.
  5. 13. This qualitative characteristic relates to analyzing financial reports from different periods.
  6. 15. financial report at a specific date.(2 words)
  7. 17. An income statement shows --- and expenses.
  8. 18. Assets to be retained for more than 12 months.(2 words)
  9. 20. Source document for cash payment.(2 words)
  10. 21. Under the accrual basis, expenses are recorded when ---.
Down
  1. 1. Accrued expense is classified as ---.
  2. 4. receivable Another name for debtors is ---.(2 words)
  3. 5. General journal entries to transfer income and expense.(2 words)
  4. 6. The amount by which income exceeds expenses.
  5. 8. The allocation of the cost of an asset to expense.
  6. 10. Cars and trucks owned by a business.
  7. 11. Under the cash basis revenue is recognized when it is ---.
  8. 12. Explanations following general journal entries.
  9. 14. This assumption requires that only transaction data that can be expressed in terms of money be included in the accounts.(2 words)
  10. 16. The accounting equation links owner's equity, liabilities and ---.
  11. 19. This assumption states that the life of the business is divided for reporting to users.
  12. 20. Transactions are normally recorded on the --- side of revenue accounts.