FINANCIAL POSITION AND SIMPLE LEDGER

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