Terms of Accounting I

Edit Answers
1234567891011121314151617181920
Across
  1. 5. individual accounts shaped like a "T" used in double entry accounting system
  2. 10. the process of recording financial transactions, summarizing them, and then accurately reporting them
  3. 14. The amount of money owed to a business by others, such as suppliers
  4. 15. accumulated account of profits over the life of the business that has not been distributed as dividends.
  5. 16. an accounting summary that closely examines the financial condition, or health, of a business by reporting the value of a company's total assets, liabilities, and owner's equity on a specified date.
  6. 17. those obligations of a business that will not be completely paid within the current year.
  7. 19. the left side of a T account
  8. 20. the cost of the items required to operate a business
Down
  1. 1. procedure requiring that a financial transaction has at least two separate accounting entries (changes to its accounts) every time a financial transaction modifies the accounting formula of a business.
  2. 2. the amount of money owed by the business to others, such as suppliers
  3. 3. an asset which may reasonably be expected to be sold or turned into cash within one year
  4. 4. a report that details for a very specific time period, a business's revenue from all its revenue producing sourcesm the expenses required to generate those revenues, and the resulting profits or losses (net income)
  5. 6. an asset which management intends to keep for a period longer than one year including the property, buildings, and equipment owned by a business
  6. 7. The term used to indicate the dollars taken in by the business in a defined period of time. Often referred to as sales
  7. 8. the written record of a specific business's financial transactions
  8. 9. A record of the up-to-date balances of all a business's individual assets, liability, and owner's equity, (as well as revenues and expense) accounts
  9. 11. these accounts include temporary accounts (revenue and expense) accounts and permanent accounts such as stock (owners' investment) and retained earnings.
  10. 12. the right side of a T account
  11. 13. those obligations of a business that will be completely paid within the current year.
  12. 18. money paid out of net income that is to be paid out in dividends