Across
- 4. A list of account balances used to verify that debits equal credits.
- 5. The right side of an accounting entry; increases liabilities, equity, and revenue accounts.
- 6. A debt due within one year.
- 7. An account closed at the end of the accounting period.
- 8. Items used in business operations that are expected to be consumed.
- 11. A journal entry made at the end of an accounting period to update accounts before financial statements are prepared.
- 12. An account that reduces the balance of a related asset account.
- 13. Goods held for sale to customers.
- 15. Cash received before services are performed or goods are delivered.
- 17. A small amount of cash kept on hand for minor expenses.
- 19. Transferring journal entry information to ledger accounts.
- 21. Compensation paid to employees.
- 22. An account whose balance carries forward to the next accounting period.
- 28. A distribution of company earnings to shareholders.
- 29. The process of recording daily financial transactions.
- 30. An expense paid in advance before it is incurred.
- 32. Owner investment in a business.
- 33. Income earned from business operations.
- 36. The owner’s claim on business assets after liabilities are deducted.
- 37. The owner’s residual interest in a business after liabilities are subtracted from assets.
- 38. A resource owned by a business that has economic value.
- 39. The recording of a financial transaction in the accounting records.
- 40. The ability of a business to pay short-term obligations.
- 41. Money owed to a business by customers for sales made on credit.
- 43. Accounting method that records revenues and expenses when they are earned or incurred, not when cash changes hands.
- 44. Assets taken out of a business by the owner for personal use.
- 45. Amounts a company owes to suppliers for goods or services purchased on credit.
- 47. A financial statement showing cash inflows and outflows.
- 48. Revenue minus cost of goods sold.
- 49. Costs incurred in the normal operations of a business.
Down
- 1. A twelve-month accounting period used for financial reporting.
- 2. A financial statement showing revenues, expenses, and net income over a period of time.
- 3. Written promises to pay a specific amount at a future date.
- 9. A financial statement showing a company’s assets, liabilities, and equity at a specific point in time.
- 10. The left side of an accounting entry; increases assets and expenses.
- 14. Journal entries made at the end of an accounting period to transfer temporary account balances to retained earnings.
- 16. The fundamental relationship in accounting: Assets = Liabilities + Equity.
- 18. A debt or obligation owed by a business.
- 20. An asset expected to be used or converted into cash within one year.
- 23. Cumulative profits kept in the business rather than distributed.
- 24. A complete list of all accounts used by a business.
- 25. Allocation of the cost of a long-term asset over its useful life.
- 26. Revenue earned from providing services rather than selling products.
- 27. The complete collection of all accounts and transactions for a business.
- 28. A system where every transaction affects at least two accounts.
- 31. A cost incurred in the process of earning revenue.
- 34. The direct cost associated with producing or purchasing goods sold to customers.
- 35. Current assets minus current liabilities.
- 42. The movement of cash into and out of a business.
- 46. Total revenues minus total expenses.