Across
- 4. as a profession is commonly classified into three main categories: public accounting, private business accounting,and government accounting
- 5. are what the business owes to outside parties
- 8. a columnar statement containing the different types of information required at the end of a trading period
- 10. advance payment for use of facilities (prepaid rent), purchase of supplies (supplies on hand) and right for protection (prepaid insurance)
- 12. include cash, stock, property, plant, or equipment -anything the business owns
- 14. It is owned jointly by two or more persons who combined their resources and efforts
- 17. as old as the history of man
- 18. is a written promise to pay a definite amount at a specified future date
- 19. the commodities or goods that are bought and sold in business
- 21. amounts or claims from clients/customers resulting from service rendered by the company
Down
- 1. records a business transaction in the accounting system for an organization
- 2. Ground area used in the operation of the business
- 3. The year and month are not rewritten for every entry unless the year or month changes, or a new page is needed
- 6. It is owned by various persons called stockholders or shareholders
- 7. barter trade was already in operation
- 9. refers to the owner's investment in an asset after all liabilities have been deducted
- 11. refer to the changes that occur in journal entries that are already recorded
- 13. an entry recording an amount owed that is listed on the left side or column of an account
- 15. amounts owed to creditors for purchase of goods or for services received
- 16. structure occupied by the business
- 20. an entry recording a sum received, listed on the right-hand side or column of an account