FINANCIAL POSITION AND SIMPLE LEDGER

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