Across
- 6. The ___________________ entries are done at the end of every month
- 7. Equals a corporation’s accumulated net income (loss) for all prior periods that has not been distributed to shareholders (acronym)
- 9. The _______ ________ statement summarizes how changes in balance sheet accounts affect the cash account during the accounting period
- 11. statement of financial position in a particular point in time
- 12. Taking something from the journal to the ledger
- 13. An example of Revenue is _____
- 14. Independent examination
- 15. Charge for using money until repaid at a future date
- 17. _____is an asset
- 19. Revenue, expenses and net income/loss are shown on the _____
- 20. When expenses are greater than revenue you have a _____
- 22. A written legal obligation to repay an amount of borrowed money at a particular future date
- 23. Estimate of amount to be recovered at the end of an asset's useful life
Down
- 1. An entity is expected to remain in operation for the indefinite future (concept)
- 2. A liability created by buying products or services on credit
- 3. Credit
- 4. This affects owner's equity
- 5. Historical cost of an asset less its accumulated depreciation
- 8. Entity created by law and separate from its owners
- 10. Assets are all depreciated except
- 15. Is principles-based
- 16. When a customer owes you money
- 18. = net sales - gross margin
- 21. In accounting at least ____________ accounts are affected in a transaction
- 24. Any transaction will change the ___________ of a business