ACCOUNTING TERMS CROSSWORD PUZZLE

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Across
  1. 3. A person who is not in a position to pay his debts in full and is so declared by the court.
  2. 5. Amount withdrawn by the owner from the business for personal use.
  3. 7. debts The amount of debt which is unrealisable from a debtor who became insolvent.
  4. 8. Discount An allowance given by the creditor to the debtor on the amount due for prompt payment.
  5. 9. it means money or money's worth lost without receiving any benefit. For example, cash or goods lost by theft or fire accident. In the context of Profit and Loss Account, loss represents to the excess of expenditure over income during a period of time. In either case, loss decreases the owner's equity
  6. 10. A documentary (written) evidence of a transaction is called a voucher
  7. 12. Expenditure IT is the one which a company incurs to acquire an asset or improve the capacity of the asset or repay long-term liability.
  8. 15. it is a profit that arises from events or transactions which are incidental to business, such as sale of an asset, winning a court case, appreciation in the value of land and buildings, etc.
  9. 16. One to whom the business owes some amount.
  10. 18. Assets are economic resources of an enterprise that can be expressed in monetary terms.
  11. 22. Amount realised for the goods sold or services rendered.
  12. 24. The excess of revenues of a period over its related expenses during an accounting year is Profit.
  13. 25. It is the amount earned through business operations.
  14. 26. The claim or right over the assets of the firm. It includes both the owner's and the creditor's claims.
  15. 27. it is the book of prime entry. It is used for recording all transactions and events of a business entity in the first stage.
Down
  1. 1. the mercantile things in which the business deals.
  2. 2. Discount An allowance given by the seller to the buyer on the list price at the time of sale.
  3. 4. Transfer of money or money's worth between two entities is called a transaction. It can be purchase of goods, receipt of money, incurring expenses etc.
  4. 6. A classified statement of transactions relating to a person or a thing or any other subject.
  5. 11. Amount invested by the owner in the firm is known as capital. It may be in the form of cash or assets by the owner for the business entity.
  6. 13. the obligations or debts that an enterprise has to pay at some time in future. Loan from a bank, creditors for goods supplied, rent payable, salaries payable, interest payable to the lenders, are some examples of liabilities
  7. 14. The recording or entering a transaction or event in the books of account is called an entry.
  8. 17. of Account These are the different sets of records, whether in the form of bound books or loose sheets wherein the various business events and transactions are recorded e.g., journal and ledger.
  9. 19. Raw materials, semi-finished goods and finished goods lying in stores.
  10. 20. One who owes some amount to the business.
  11. 21. Entity Business enterprise means a specifically identifiable business enterprise like super bazaar, Rakhi jewellers limited, etc.
  12. 23. Spending of money or incurring a liability for some benefit or service received by the business.
  13. 28. The transactions recorded in the journal are transferred to a separate book called ledger. In this book, a separate account is opened and maintained for each item. For example, Capital Account, Salaries Account, Furniture Account, Building Account, etc. Ledger is the main book for accounting information and, hence, it is sometimes called the 'king of books of accounts’