Across
- 4. Debts that are owed by an individual or a business. Increase on the credit side of the account.
- 7. The principle that states each business be considered a separate entity, and that their financial data be kept separate from the owner’s personal financial data.
- 8. This principle states that when a business acquires an asset, the value of the asset is recorded at its actual cost to the business, even if payment is not made in full at once.
- 10. Accounts ___________ refers to the total amount due from debtors to an individual or a business.
- 11. Controlling, analyzing, and interpreting the financial information in an accounting system. This information is used to make decisions about a business and how it operates.
- 12. The amount owed to a bank.
- 14. Involves the principles that govern the choices made for “right” or moral conduct. Involves doing the right thing rather than trying to fool people.
- 15. The _______________ equation is represented by A = L + OE
- 16. Personal _____ is another term for a person’s “net worth”.
- 18. _____ payable is a type of account payable that has been borrowed from financial institutions, usually to purchase buildings and/or land.Liquidity order - The order in which assets would likely be converted into cash. This order is how assets are listed on the balance sheet.
- 19. a form that records all changes to an item caused by business transactions.
- 22. _________ date is the payment due date of any liability.
- 23. A person or business that has credited or loaned money to an individual or a business.
- 24. the right side of an account.
- 25. The “OE” in the balance sheet equation stands for this.
Down
- 1. a list of the ledger account balances, in which the total debit balances should equal the total credit balances.
- 2. Items that are owned by an individual or a business. Increase on the debit side of the account.
- 3. The financial status of a person or business represented by their assets, liabilities, and personal equity (net worth).
- 5. a group of accounts, which may be kept in a binder format or in a computerized format.
- 6. The period of time covered by financial statements (e.g. a week, month, year, etc.)
- 9. Accounts _______ refers to the total amount owed to creditors for the purchase of goods or services by a business.
- 13. The difference between the value of items owned and the debts owed.
- 17. The exchange of things of value.
- 20. Financial statement that lists assets, liabilities, and owner’s equity at a specific date.
- 21. the left side of an account.