FINANCIAL POSITION AND SIMPLE LEDGER

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