First financial statement to prepare Income statement
Shows assets liabilities and stockholders equity Balance sheet
Shows investing activities Cash flows
Shows change in retained earnings Stockholders equity
First asset reported Cash
Items purchased for resale Inventory
Accounts payable Current liability
Shows operating income Multistep income statement
Sales less cost of goods sold Gross profit
Easily converts to cash Liquid
Do not depreciate Land
Has numerator and denominator Ratio
Revenue greater than expense Profit
Revenue less than expense Loss
Time to pay uncle sam Taxes
Who calculates gross earnings Payroll
What human resources used to be called Personnel
Used to help run the business Supplies
What an asset converts into when consumed Expense
Term used to describe frequency of sellong inventory Turnover
Us tax collector Irs
Enforces reporting of public companies Sec
Rules of financial accounting Gaap
Gaaps foreign equivalent Ifrs
Acronym for the elements of internal control Crime
Pay cash before recording expense Deferral
Pay cash after recording expense Accrual
The bottom line Net income
Its on the left side Debit
Its on the right side Credit
Hard core accounting professor Smolin
Considered the harvard university of community colleges Citrus
People with college degrees will experience this Success
To get a good exam score i need to Study
Costs incurred to run a business Expense
The dollar value of service provided to our customers Revenue
Cash and land are examples of Assets
I invest money in a business in exchange for Common stock
Earnings returned to stockholders Dividends
Stockholders who get dividends first Preferred
Stockholders who are last in line in bankrupcy Common
Initials of a licensed accountant Cpa
Who writes the rules of accounting Fasb
Who writes the international rules of accounting Iasb
Policies to protect assets snd records Internal controls
Used for minor office expenditures Petty cash
Used by large companies to borrow money Bonds
Word used to write off patents Amortize
Word used to allocate cost of equipment over useful life Depreciate
Word to used to allocate natural resources Depletion
Next exam ill do Better

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


Word Search


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

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 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

Accounting Ratios & Calculations Crossword


Net Earnings / Average Shareholder's Equity Return on Equity
Net Earnings + Interest Expense / Average Total Assets Return on Assets
Return on Equity - Return on Assets Financial Leverage Percentage
Net Earnings Available to Common Shareholders / Average Number C.S. Outstanding Earnings Per Share
Cash Flow from Operating Activities / Net Earnings Quality of Earnings
Net Earnings / Net Sales Net Profit Margin
Net Sales / Average net Fixed Assets Fixed Asset Turnover Ratio
Cash + Cash Equivalents / Current Liabilities Cash Ratio
Current Assets / Current Liabilities Current Ratio
Quick Assets / Current Liabilities Quick Ratio
Net Credit Sales / Average Net Trade Receivables Receivables Turnover
Cost of Sales / Average Inventory Inventory Turnover
Cost of Sales / Average Net Trade Payables Accounts Payable Turnover
Net Earnings + Interest Expense + Income Tax Expense / Interest Expense Times Interest Earned
Total Liabilities / Shareholders' Equity Debt to Equity
Current Market Price per Share / Earnings Per Share Price Earnings Ratio
Accounting Equation A=L+OE

Introduction to Accounting Grade 10 Crossword


The process of identifying , measuring, interpreting and communicating financial and other information to interested parties. Accounting
The information in books of business is summarised into... Reports
Statement which records profit and loss Income
The Cash Flow statement reports on this Liquidity
The main purpose of accounting then is to provide information that is useful and accurate and presented in a clear and ________ form. concise
Occurs when a business acts in the best and highest interests of its owners. Accountability
Abbreviation for the Institute of Chartered Accountants ICAA
Accounting rules, practices and procedures with which members of the accounting bodies must comply. Standards
This assumption presumes that a business enterprise ( entity) has an existence separate from the private financial affairs of its owner/s. AccountingEntity
Type of account where money received is recorded. Revenue
Costs occurred in the earning of revenue. Expenses
Items of value that are owned by the business. Assets
Amounts that a business owes to other people or organisations Liabilities
The value of any investment the owner has made in the business. Ownersequity

Unit 4 review Crossword


all income that a business receives over time Revenue
the cost of operating a business Expenses
provides detailed plans for the financial needs of many Budget
plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable Start-up budget
describes the financial plan for ongoing operations of a business for a specific period Operating Budget
an estimate of the actual money received and paid out for a specific period Cash budget
used to record and analyze the financial performance of a business Financial Records
a report that covers the revenue and net income or loss for a specific period Income Statement
the financial record of employee compensation, deductions and compensation Payroll
refers to the day-to-day financial activities associated with using limited income to satisfy your unlimited needs and wants Money Management
the difference between a persons assets and liabilities Net Worth
any difference between actual spending and budgeted amounts Budget Variance
a report that summarizes your current financial condition and sets a direction for future financial activities Financial Plan
supervises and regulates member banks to help banks serve the public efficiently Federal reserve system
offer a wide variety of financial services Commercial Bank
used for ATM transactions Debit Card
a written notice that tells the bank not to pay a certain check Stop payment order
the storing of money for future use Saving
using your savings to earn more money Investing
the ease with which an investment can be changed into cash without using its value Liquidity
the price at which stocks are being bought and sold Market Value
the difference between the price at which you can currently sell your house and the amount owed on the mortgage Equity

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