describes the sources and uses of cash for a reporting period Statement of cash flows
charge for using money until repaid at a future date Interest
security that represents ownership in a corporation; holders exercise control by electing a board of directors and voting on corporate policy Common stock
amount by which a company's value exceeds the value of its individual assets and liabilities Goodwill
class of ownership in a corporation that has a higher claim on its assets and earnings than common stock Preferred stock
net sales minus cost of goods sold Gross profit
record within an accounting system where increases and decreases in a specific asset, liability, equity, revenue, or expense are entered and stored Account
process of allocating the cost of an intangible asset to expense over its estimated useful life Amortization
an entry that increases asset and expense accounts, and decreases liability, equity ad revenue accounts Debit
income statement, balance sheet, statement of changes in owner’s equity, and statement of cash flows Financial statements
customers and other individuals and organizations who owe a company Debtors
journal entry at the end of an accounting period to bring an asset or liability account to its proper amount and update the related expense or revenue account Adjusting entry
total cost of an asset less its accumulated depreciation Book value
an asset created by selling products or services on credit Accounts receivable
method to assign cost to inventory that assumes items are sold in the order acquired FIFO
entity created by law and separate from its owners Corporation
inflows of assets in exchange for products and services provided to customers as part of a company’s operations Revenues
length of time an asset will be productively used in the operations of a business Useful life
occurs when expenses exceed revenues Net loss
merchandise a company owns and expects to sell in its normal operations Inventory
estimate of amount to be recovered at the end of an asset's useful life Salvage value
expense created by allocating the cost of plant and equipment to periods in which they are used; represents the expense of using an asset Depreciation
resources owned or controlled by a company that provide expected future benefits to the company Assets
a liability created by buying products or services on credit Account payable
obligations due to be paid or settled within the longer of one year of the operating cycle Current liabilities
equals a corporation’s accumulated net income (loss) for all prior periods that has not been distributed to shareholders Retained earnings

Accounting Basics Crossword


Anything you own Asset
Assets, Liabilities, and Owners Equity appear on this form Balance Sheet
When expenses are greater than revenue you have a Net Loss
An example of Revenue is Sales
When you owe money Liability
In accounting at least ____________ accounts are affected in a transaction two
This affects owners equity drawing
Revenue, expenses and net income/loss are shown on income statement
__________ is an asset cash
When a customer owes you money receivable
When you owe money payable
Sales minus expenses net income
The fourth step in the accounting cycle is Worksheet
The _________________ entries come from the worksheet Adjusting
The ___________________ entries are done at the end of every month closing

fundamental of accounting Crossword


Revenue,expenses and net incom/loss are show on INCOMESTATEMENT
Credit recorded when a company purchase inventory on credit from vendors or supplies. ACCOUNTS PAYABLE
A long-term contract to borrow money from a creditor. NOTEPAYABLE
Initial investments made by owners like stock purchases or partnership buy-ins. CAPITAL
A creditor's claim on a company' assets. LIABILITY
Miscellaneous assets that are entire in product production that are too small and inexpensive to capitalize. SUPPLIES
An asset that arises from selling goods or services to someone on credit. RECEIVABLE
A subsection of the general field of accounting that focuses on gathering and compiling data in order to present it to external users in a usable form. FINANCIAL
Entry on the left side of an account. DEBIT
A written promise to repay money. NOTESRECEIVABLE
Assets earned by a company's operations and business activities. REVENUES
Entry on the right side of an account. CREDIT
A resource that is owned or controlled by a company that can be used to provide a future economic benefit. ASSET
The _______ ________ statement summarizes how changes in balance sheet accounts affect the cash account during the accounting period. CASHFLOW
The report that shows a company's financial position based on its assets, liabilities, and equity at a single moment in time. BALANCESHEET
A report that shows the income, expenses, and resulting profits or losses of a company during a specific time period INCOME
Accounts listed last on the balance sheet. EQUITY
He is know as father of accounting PACIOLI
When expenses are greater that revenue you have a? netloss
Money received in advance for services to be performed in the future are reported on the balance sheet as deferred revenues, _________________ revenues, or as customer deposits. UNEARNED
The accounts in this balance sheet classification are credited to increase them LIABILITIES
The difference between a sole proprietorship's total assets and its total liabilities is ___________'s equity. OWNER
Coins,Currencies,checks,bank deposit this is under of____? cash
This is represent the unsold goods at the end of the accounting period? inventories
. Amounts owned to other for expenses already incurred but not yet paid?? accruedincome
Liability to pay the bank or other financing institution arising from funds borrowed by the business from these institution payable within twelve or shorter. loanpayable
assets held by an enterprise for the accretion of wealth non-current-assets
Accepts deposits from people and busniesses and use them to finance their business deposit
Plans incomes and expenses startupbudget
The _________________ entries come from the worksheet adjusting
An example of Revenue is sales
When you owe money payable
The fourth step in the accounting cycle is ? worksheet
This affects owners equity drawing
The ___________________ entries are done at the end of every month closing
charge for using money until repaid at a future date interest
income statement, balance sheet, statement of changes in owner’s equity, and statement of cash flows financialstatement
In accounting at least ____________ accounts are affected in a transaction two
Sales minus expenses net income
A debt evidenced by a "note" which specifies the principal amount, interest rate and date of repayment loan
A written cash flow plan budget

Financial Terms Crossword


This is the assets (or money) available to an organisation to re-invest and create new assets. It starts with C. Capital
An ______ is an independent examination of an organisation's records and financial statements (report and accounts). Audit
These are things which are owned by a business such as buildings, vehicles, stock and money in the bank. Assets
You make this if you sell or dispose of a long−term asset (such as a building) for more than it cost you. Two words ______ G____ Capital Gain
These are short−term assets which are constantly changing in value, such as stocks, debtors and bank balances (two words) Current Assets
This is the value of a company’s assets minus any liabilities. Basically, the value of something less the money owing on it. Equity
Any of the costs involved in running the business. Expenses
A __________ is one which is intended to be used for several years and not be converted into cash. Examples are buildings, machinery and vehicles (two words) Fixed Asset
This is the difference between the selling price of goods and what they cost to buy (two words). Gross Profit
These are debts that a person or an organisation owes. Liabilities
This is the profit left after all overheads have been taken off (two words). Net Profit
A detailed projection of all estimated income and expenses based on forecasted sales revenue for a year (two words) O_______ ________ Operating Budget
The amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Revenue
Trainer's name Maree

Accounting Concepts Crossword


Life of the business is divided into periods of equal length to measure performance and psoition Accounting Period
Transaction are reported in the period they relate to. Accrual Basis
Business will continue to operate into the foreseeable future. going concern
Transactions must be reported in NZ dollars. monetary concept
Transactions are reported at their original purchase price. historical cost
Financial affairs of the business is kept separate from the financial affairs of the owner and other businesses. Accounting Entity
To show the assumptions followed in preparing the statements and how financial elements have been measured for the entity. Statement of Accounting Policies
To show the income, expenses and measure profit for the period for the entity. Income Statement
To measure assets, liabilities and equity at one point in time for the entity. Statement of Financial Position
Prediction of future cash receipts and payments and also shows the estimated bank balance for a particular time period for the entity. Cash Budget
Prepares, analyses and interprets the financial information to assist in decision making. Financial Accountant
Preparing internal reports and measuring performance within the business including budgets and costing. Management Accountant
Calculating costs of producing the goods or services which the business is selling. Cost Accountant
Carries out independent checks on businesses financial records to ensure accuracy and reliability of the report i.e., “a true and fair view’. Auditors
Calculation and payment of tax, and advice on tax issues. Tax Accountant
These are independent, registered accountants who provide a range of specialist services to businesses as well as providing Chartered Accountants
Resource controlled by the entity (business) as a result of past events and from which future economic benefits are expected to flow to the entity. Asset
Present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Liability
Residual interest in the assets of the entity after deducting all its liabilities. Owner's Equity
Increases in economic benefits during the year in the form of inflows or enhancements of assets or decrease in liabilities that result in increases in equity other than those relating to contributions from equity participants Income
Decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences in liabilities that result in decreases in equity other than those relating to distributions to equity participants Expense
It is an item that will benefit the firm beyond the current year . Capital Expenditure
It is an item that will benefit the firm for the current year and is classified as an expense. Revenue Expenditure

Accounting Bingo

Bingo Cards

chart of accounts
financial statement
Unit of Measurement
general ledger
accounts payable
accounts receivable
Objective Evidence
accrual accounting
balance sheet
income statement
Realization of Revenue
Accounting Period Cycle
Business Entity
Consistent Reporting
Full Disclosure
Going Concern
Historical Cost


Accounting Crossword Puzzle


A balance sheet account that tracks the activities that last longer than an accounting period. Permanent Account
The purpose of the accounting cycle is to prepare ___________ statements like the balance sheet, income statement, statement of retained earnings, and statement of cash flows. Financial
The accounting ____________ is a tool used to help bookkeepers and accountants complete the accounting cycle and prepare year-end reports like unadjusted trial balances, adjusting journal entries, adjusted trial balances, and financial statements. Worksheet
A business transaction is recorded as a _____________ in the general journal to show how the event changed in the accounting equation. Journal Entry
A trial balance that lists of all company accounts that will appear on the financial statements after year-end adjusting journal entries have been made. Adjusted
An entry made at the end of an accounting period to zero out all temporary accounts and transfer their balances to permanent accounts. Closing Entry
An income statement account that is used to track accounting activity during an accounting period. Temporary Account
A record or document that contains account summaries for accounts used by a company. General Journal
An exchange of value between two different groups with financial or accounting significance. Transaction
Financial statement ____________ is the purpose of the accounting cycle. Preparation
The financial process starting with recording business transactions and leading up to the preparation of financial statements. Accounting Cycle

bus vocab Crossword


A set of concepts and techniques that are used to measure and report financial information about an economic unit. accounting
A financial relationship at the heart of the accounting model: Assets = Liabilities + Owners' Equity accounting equation
The economic resources owned by an entity; entailing probable future benefits to the entity assets
The examination of transactions and systems that underlie an organization's financial statements with the goal or reporting thereon auditing
A financial statement that presents a firm's assets, liabilities, and owners' equity at a particular point in time balance sheet
An individual who is licensed by a state to practice public accounting CPA
A form of business organization where ownership is represented by divisible units called shares of stock corporation
Amounts paid from profits of a corporation to shareholders as a return on their investment in the stock of the entity dividends
The costs incurred in producing revenues expenses
An area of accounting that deals with external reporting to parties outside the firm; usually based on standardized rules and procedures financial accounting
An organization charged with producing standards for financial reporting in the USA (acronym) FASB
Core financial reports that are prepared to represent the financial position and results of operations of a company financial statements
The concept that many transactions and events are to be measured and reported at acquisition cost historical cost p
A financial statement that summarizes the revenues, expenses, and results of operations for a specified period of time income statement
A person within an organization who reviews and monitors the controls, procedures, and information of the organization internal auditor
An organization charged with producing accounting standards with global acceptance IASB
Amounts owed by an entity to others liabilities
An area of accounting concerned with reporting results to managers and others who are internal to an organization managerial accounting
The excess of revenues over expenses for a designated period of time net income
The excess of expenses over revenues for a designated period of time net loss
Resources provided to an organization by a person in exchange for a position of ownership in the organization owner investments
The residual of assets minus liabilities, representing the collective interest or position of the entity's owners owner's equity
A non-corporation representing an association of two or more persons organized to carry out a business plan for a profit motive partnership
Accounting activities provided by a person to the general public, typically relating to audit, tax and similar services public accounting
The excess of a corporation's income over its dividends retained earnings

Accounting - Chapter 1 Vocabulary Crossword


Planning, recording, analyzing, and interpreting financial information accounting
Financial reports that summarize the financial condition and operations of a business financialstatements
Business that performs an acitivty for a fee servicebusiness
A business owned by one person proprietorship
Anything of value owned asset
An amount owed by a business liability
The amount remaining after the value of all liabilities is subtracted from the value of all assets ownersequity
An equationshowing the relationship amont assets, liabilities, and owner's equity accountingequation
A business activity that changes assets, liabilities, or owner's equity transaction
A record summarizing all the information pertaining to a single item in the accounting equation account
The amount in an account account balance
The account used to summarize the owner's equity in a business capital
An increase in owner's equity resulting from the operation of a business revenue
A sale for which cash will be received at a later date saleonaccount
A decrease in owner's equity resulting from the operation of a business Expense
Assets taken out of a business for the owner's personal use withdrawals

Accounting 2 Vocab Chapter 1-4 Crossword


anything of value that is owned Asset
an amount owed by a business Liability
financial rights to the assets of a business Equities
the amount remaining after the value of all liabilities is subtracted from the value of all assets Owners Equity
the owners’ equity in a corporation Stockholders equity
an equation showing the relationship among assets, liabilities, and owners’ equity Accounting equation
business papers from which information is obtained for a journal entry Source documents
a form for recording transactions in chronological order Journal
a journal used to record only one kind of transaction Special Journal
a record that summarize all the transactions pertaining to single item in the accounting equation Account
a group of accounts Ledger
a ledger that contains all accounts needed to prepare financial statements General ledger
a ledger that is summarized in a single general account Subsidiary ledger
an account in a general ledger that summarizes all accounts in a subsidiary ledger Controlling account
the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current File maintenance
an accounting system showing accounting information for two or more departments Departmental accounting system
a business that purchases and sells goods Merchandising business
transferring transaction information from a journal entry to a ledger account Posting
a form prepared by the customer showing the price deduction taken by the customer for a return or an allowance Debit Memorandum
an account that reduces a related account on a financial statement Contra Account
a deduction that a vendor allows on the invoice amount to encourage prompt payment Cash discount
when a company that has purchased merchandise on account takes a cash discount Purchases discount
an amount of cash kept on hand and used for making small payments Petty cash
a form prepared by the vendor showing the amount deducted for returns and allowances Credit memorandum
a cash discount on a sale taken by the customer Sales discount
a specialized computer used to collect, store, and report all the information about a sales transaction Point-of-sale terminal
the amount paid to an employee for every hour worked Wage

First year accounting Word Search

Word Search

Accounts payable
Accounts Receivable
Advertising Expense
Balance sheet
Bank statement
Business transactions
Cash in the bank
Cash receipt
Closing entries
General journal
Income statement
Net income
Net loss
On account
Owners equity
Rent expense
Trail Balance