What money must be deposited in a separate banking account. (5) Trust
Any items that are bought with the intention of selling the item to a customer. (9) Purchases
A complete collection of all the accounts and transactions of a company. (6) Ledger
An accounting entry that either increases an asset or expense account, or decreases a liability or equity account. (5) Debit
A tax that governments impose on income generated by businesses and individuals. (6) Income
A set of rules or procedures, which are followed by an entity to prepare its financial statements. (6) Policy
A concept or convention within accounting relating to the importance/significance of an amount, transaction, or discrepancy. (11) Materiality
A qualitative characteristic of accounting information that makes a difference in decision-making. (9) Relevance
A present obligation of the entity to transfer an economic resource as a result of past events. (8) Liability
An instructed attorney acting on an instructing attorney’s behalf. (13) Correspondent
The residual interest in the assets of the entity after deducting all its liabilities. (6) Equity
An accounting entry that either increases a liability or equity account, or decreases an asset or expense account. (6) Credit

Accounting Terms: Back to Basics Crossword


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

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

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 Puzzle


When you’re investing or saving, this is the interest that you earn on the amount you deposit, plus any interest you’ve accumulated over time. Compoundinterest
A number used by banks and other financial institutions to measure a borrower’s credit worthiness. FICOscore
The difference between your assets and liabilities. networth
The process by which you choose what proportion of your portfolio you’d like to dedicate to various asset classes, based on your goals, personal risk tolerance and time horizon. Assetallocation
Commonly referred to as fixed-income securities. Bonds
The increase in the value of an asset or investment — like a stock or real estate — above its original purchase price. Capitalgains
The process of buying or selling securities over time in order to maintain your desired asset allocation. Rebalancing
Also called equities or shares. Stocks
This is the process of paying off your debt in regular installments over a fixed period of time. Amortization
A type of mortgage in which the interest you pay on your outstanding balance rises and falls based on a specific benchmark. ARM
An account held by an impartial third party on behalf of two parties in a transaction. Escrow
A mortgage that carries a fixed interest rate for the entire life of the loan. Fixed-rate mortgage
Employer-sponsored retirement plans, such as pensions, in which the employer promises a specified retirement benefit based on a formula that may include an employee’s earnings history, length of employment and age. Defined-benefit plans
Companies often use these as management incentives. stockoptions
The payments you make to an insurance company in return for protection from financial losses within the scope of your policy. Premium
Used to determine your taxable income, minus any additional IRS-qualified deductions that you’re eligible to take. AGI
A person who is financially dependent on your income, typically a child or an adult relative you may support. Dependent
A standard amount that can be used to reduce your taxable income if you decide not to itemize your deductions. Standarddeduction
A qualified expense that the IRS allows you to subtract from your adjusted gross income, which further reduces your taxable income. Itemizeddeduction
A type of policy that provides additional liability coverage beyond what your home, auto or boat insurance may provide. Umbrellainsurance

Accounting concepts Crossword


Every ___________ recorded in a business will have a debit value that equals a credit value. transaction
Assets = Owners’ __________ + Liabilities Equity
Any transaction will change the ___________ of a business. value
What is the name of the account that is debited when an owner takes money from the business for his or her personal use? Drawings
A/An ___________ is an obligation to pay back what is owed over a period of time. Liability
_________ income is an example of a business asset (property) used to generate income. Rent
Transactions are completed when ________________ (D) of a good or service has taken place. delivery
Advertising is a/an _______________ account. expense
Services rendered by employees can be classified as a Wages and ____________ expense account. Salaries
The double entry principle states that each _____ entry has an equal credit entry. debit

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

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

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

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