Across
- 2. the right side of an account
- 6. the set of accounting standards that indicate how to report economic events
- 7. current obligations to make future payments of assets or services
- 10. the account debited when a customer makes a payment on account
- 11. the type of journal entry that affects three or more accounts
- 15. the left side of an account
- 18. a record of increases and decreases in a specific asset, liability, or OE item; often represented by a T
- 21. (2 words) the account debited when a sale is made on account
- 23. the information system that identifies, records, and communicates the economic events of an organization
- 24. the amount by which expenses are greater than revenues
- 25. __________ accounting equation
- 26. an economic event that is recorded in the accounting records because it changes the financial position of the organization
- 28. all of the people or entities a company owes money to
- 29. the account credited when an owner invests additional money in the business
- 30. an association of two or more persons to carry on as co-owners
- 31. the book of original entry, where transactions are recorded
- 32. _____ expense; the account created when a business pays cash for costs incurred in advance of being used or consumed
- 33. a collection of all business accounts
- 34. (abbrev.) a financial statement that summarizes the changes in owner's equity for a specific period of time
Down
- 1. a small business owned by one person
- 3. (2 words) the owner's claim on the assets of the company
- 4. (2 words) created at the end of a fiscal period to help verify the accuracy of the ledger
- 5. (2 words) the principle that only transactions that can be expressed as an amount of money may be included in the records
- 8. a business organized as a separate legal entity
- 9. the word describing the period of time over which the accounting cycle is completed
- 12. the procedure of transferring journal entries to the ledger
- 13. the type of liability when a business owner is personally responsible for business debts
- 14. withdrawals of assets for the owner's personal use
- 16. the cost of assets consumed or services used in a company's business activities
- 17. a word that describes the nature of accounting activities
- 19. _______ revenue, created when a customer pays in advance of being provide a service or product
- 20. the increase in assets, or decrease in liabilities, that result from business activities that are done to earn profit
- 22. resources owned that are expected to provide future benefit
- 27. (2 words) the account credited when a purchase is made on account
- 30. the amount by which revenues are greater than expenses