ACCOUNTING

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Across
  1. 1. It is the book of final entry.
  2. 6. Another term for doubtful accounts
  3. 7. Is issued when payment is made from the cash deposited in the bank.
  4. 8. The value of the amount that can be received from the sale of the asset after estimated life.
  5. 9. The expense or revenue that gradually increases with the passage of time.
  6. 11. The interchange of digits.
  7. 14. Under this method, income is recorded only when cash is received and expense is considered incurred only when paid in cash.
  8. 16. Is the consumption and savings opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.
  9. 17. Is a term denote income derived from the sales of goods.
  10. 18. An entry where the amount is entered on the right side of the account.
  11. 19. Vertical addition of a money column.
  12. 22. Is a listing of the balances of all accounts in the order in which they appear in the ledger.
  13. 24. Portion of the cost of the fixed asset that is charged to income for a particular year/period.
  14. 27. The principal accounting procedures or steps employed o process transactions during the fiscal period
  15. 29. He is a Franciscan friar who published a book, Summa de Arithmetica.
  16. 30. Income minus expenses.
  17. 31. The one who puts money in the business.
  18. 32. It is a field of endeavor.
  19. 33. Type of business engaged in buying and selling goods or merchandise.
  20. 35. Form of income statement when all expenses are deducted from the total income.
  21. 39. Any succession of twelve months starting with any month except January and ending in any month except December.
  22. 40. It is the writing down of the business transactions in a record book called journal. This is termed as bookkeeping.
  23. 41. Are journal entries usually prepared at the end of the accounting period to update the records in order to present fairly accurate financial reports.
  24. 44. The postponement of the recognition of an expense already paid or revenue already received.
  25. 45. Anything of value owned by the business.
  26. 46. Is the process of transferring the information from the journal to the ledger.
  27. 47. The person to whom payment is to be made.
  28. 49. The process of recording, classifying, summarizing in a significant manner and in terms of money, transactions and events which are in part at least, of financial character, and interpreting the result thereof.
  29. 50. It is a written promise made by maker promising to pay a person a sum of certain money at a fixed or determinable future time.
  30. 51. It is also called reference column.
  31. 52. The number is erroneously moved one or more spaces to the right/left.
Down
  1. 2. Record showing increase or decrease of the major accounts.
  2. 3. Refers to the preparation of annual income tax returns and other services.
  3. 4. It is a form of balance sheet where the arrangement will be from top to bottom.
  4. 5. Obligations or debts of the business which will be paid during the accounting period by means of payment of current assets.
  5. 8. It is on of the methods of computing depreciation results in equal distribution of charges over the life of the asset.
  6. 10. Is the person who promises to pay the note.
  7. 12. Users of accounting reports that includes management and the business itself.
  8. 13. Latin word for debit.
  9. 15. It is a document which evidences receipt of cash.
  10. 20. Is a document which evidences payment.
  11. 21. A type of journal entry consists of two or more debits or credits.
  12. 23. The examination of financial statements by an independent certified public accountant for the fairness of the financial statements.
  13. 25. The concept where there is dividing line between the money of the owner and that of the business.
  14. 26. Ability to pay debts of business as they become due.
  15. 28. The price paid for the asset.
  16. 34. The amount paid for the use of money and may either be an income or expense.
  17. 36. The book of final entry and provides classification of accounts.
  18. 37. Discounts that deducts from the list price to encourage buyers to buy more.
  19. 38. An organization whereby two or more persons contribute money, property or industry into a common fund and then divide the profit among themselves.
  20. 41. When an asset account is debited at the time of payment.
  21. 42. Is the process of chronologically recording transactions in the journal in the form of formal entries.
  22. 43. Using two perpendicular lines that look like the capital letter T to represent an account of any title
  23. 48. Refer to small items of equipment like pliers, hammer, screwdrivers, etc.