FINANCIAL POSITION AND SIMPLE LEDGER

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Across
  1. 1. ______________ Principle: states that accounting will be recorded on the basis of objective evidence.
  2. 3. ______________: principle where the assets or profits for a business should neither be overstated nor understated.
  3. 4. A group or file of accounts.
  4. 5. Term used when a purchaser delays payment for a period of time: ON ____________ .
  5. 8. Anyone who is owed money by a business
  6. 9. kind of account that is usually a debit account
  7. 10. ________Concept: GAAP which states that it should be assumed that a business will continue to operate unless it is known that it will not (2 wds)
  8. 11. The ease in which an asset can be converted into cash Principle of
  9. 13. Document required to verify the dollar amount of a transaction (2 wds)
  10. 14. A listing of the account balances in a ledger. (2 wds)
  11. 16. Event that causes the financial position of a business to change
  12. 18. A balance in an account that is on the opposite side from what it normally is.
  13. 19. ______ Principle: states that the accounting for purchases must beat the cost price to the purchaser, and should appear on a source document
  14. 20. Another word for Owner’s equity; usually appears after the owner’s name on a balance sheet.
  15. 22. Acronym for generally accepted accounting principles.
  16. 23. Anyone who owes money to a business
  17. 24. The left side in accounting.
  18. 25. ANALYSIS _________ _____________ sheet: an ideal tool for studying and recording changes in financial position ( 2 wds)
Down
  1. 1. One of two kinds of accounts that usually a credit balance (2 wds)
  2. 2. A statement showing the financial position of an individual, company or other organization on a certain date. (2 wds)
  3. 6. The status of a business, as represented by the assets, liabilities, and owner’s equity (2 wds)
  4. 7. one of two kinds of accounts that usually has a credit balance
  5. 12. The _______________ Concept: GAAP which states that the accounting for a business should be kept separate from the personal affairs of its owner. (2 wds)
  6. 15. A state in which the total vaue of all the accounts with debit balances is equal to the total value of all the accounts with credit balances. (2 wds)
  7. 17. Account _________:An account where money is owed to a business from its customers.
  8. 19. The right side in accounting.
  9. 21. Account _________:An account where a business owes money to a creditor.