Crossword Puzzle

2. EQUIVALENTS Short-term, highly liquid investments that can be converted into known amounts of cash with little risk of changes in value.
6. VALUE The value of money at the present date.
7. The original amount of money invested or borrowed.
10. DEBT EXPENSE The expense recognized for estimated uncollectible accounts.
15. The systematic allocation of an asset's depreciable amount over its useful life.
17. INTEREST Interest calculated on the principal plus accumulated interest.
19. Money readily available for use in a business.
20. An inventory cost flow method that assigns the oldest costs to cost of goods sold first.
21. STATEMENT A document showing transactions and balances in a bank account.
22. RECEIVABLE A written promise to pay a specific amount on a certain date.
23. The cost of inventory sold during an accounting period.
24. LIFE The period an asset is expected to be available for use by the business.
25. The estimated amount of receivables that may not be collected.

1. VALUE The value of money at a future date after earning interest.
3. INTEREST Interest calculated only on the original principal.
4. RECONCILIATION The process of explaining differences between the bank statement and the company's cash records.
5. RECEIVABLES The amount remaining after deducting the allowance for doubtful accounts from gross receivables.
8. VALUE The estimated amount an asset can be sold for at the end of its useful life.
9. An inventory system in which inventory and cost of goods sold are determined at the end of the accounting period.
11. A method of estimating uncollectible accounts based on how long receivables have been outstanding.
12. CASH A small fund used to pay minor business expenses.
13. INVENTORY The inventory value available at the start of an accounting period.
14. An inventory cost flow method that assumes the earliest purchased goods are sold first.
16. RECEIVABLE Amounts owed by customers from credit sales.
18. An inventory system that continuously updates inventory records.