FINANCIAL POSITION AND SIMPLE LEDGER

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Across
  1. 1. ______ Principle: states that the accounting for purchases must beat the cost price to the purchaser, and should appear on a source document
  2. 2. The right side in accounting.
  3. 5. Account _________:An account where a business owes money to a creditor.
  4. 6. ______________ Principle: states that accounting will be recorded on the basis of objective evidence.
  5. 8. The ease in which an asset can be converted into cash Principle of
  6. 9. Acronym for generally accepted accounting principles.
  7. 12. A listing of the account balances in a ledger. (2 wds)
  8. 15. The _______________ Concept: GAAP which states that the accounting for a business should be kept separate from the personal affairs of its owner. (2 wds)
  9. 17. Account _________:An account where money is owed to a business from its customers.
  10. 18. Another word for Owner’s equity; usually appears after the owner’s name on a balance sheet.
  11. 20. One of two kinds of accounts that usually a credit balance (2 wds)
  12. 21. ________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)
  13. 22. Term used when a purchaser delays payment for a period of time: ON ____________ .
  14. 23. A balance in an account that is on the opposite side from what it normally is.
  15. 25. Anyone who owes money to a business
Down
  1. 1. Anyone who is owed money by a business
  2. 3. ANALYSIS _________ _____________ sheet: an ideal tool for studying and recording changes in financial position ( 2 wds)
  3. 4. A statement showing the financial position of an individual, company or other organization on a certain date. (2 wds)
  4. 7. Event that causes the financial position of a business to change
  5. 10. A group or file of accounts.
  6. 11. The status of a business, as represented by the assets, liabilities, and owner’s equity (2 wds)
  7. 13. one of two kinds of accounts that usually has a credit balance
  8. 14. 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)
  9. 16. Document required to verify the dollar amount of a transaction (2 wds)
  10. 19. ______________: principle where the assets or profits for a business should neither be overstated nor understated.
  11. 24. kind of account that is usually a debit account
  12. 25. The left side in accounting.