FINANCIAL POSITION AND SIMPLE LEDGER

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