Type
Crossword
Description

The left-hand sidr of the ledger. Debit
The right-hand side of the ledger. Credit
Money that the owner invested in the business to stert the business. Capital
The owner's monetary interest in the business. Owner's equity
Money earned by the business. Income
Costs that the business incurs to be able to run the business. Expenses
When income is more than expenses. Profit
When expenses are more than income. Loss
The money that the business owes to other people or businesses. Liabilities
Possessions of a business eg. equipment. Assets
Assets=Owner's equity+Liabilities Accounting equation

Accounting Basics Crossword

Type
Crossword
Description

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 Terms: Back to Basics Crossword

Type
Crossword
Description

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

fundamental of accounting Crossword

Type
Crossword
Description

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 concepts Crossword

Type
Crossword
Description

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

First year accounting Word Search

Type
Word Search
Description

Accounts payable
Accounts Receivable
Advertising Expense
Assets
Balance sheet
Bank statement
Business transactions
Cash in the bank
Cash receipt
Closing entries
Credit
Debit
General journal
Income statement
Ledger
Liabilities
Memorandum
Net income
Net loss
On account
Owners equity
Rent expense
Revenue
T-account
Trail Balance
Withdrawl

Finance Word Search

Type
Word Search
Description

Rights
Lease
Variable
Sale
Profit
Partnership
Expenses
Leverage
Liability
Investor
Equality
Dividend
Loan
Default
Debit
Credit Card
Credit History
Corporation
Capital
Business Plan
Audit
Asset
Annual Meeting
Job
Banking
Economics
Financial Affairs
Investment
Commerce
Accounts
Business
Manage
Budget
Money
Bank

Basic Accounting Crossword

Type
Crossword
Description

Any business event or activity that involves monetary value is a transaction
Total Liabilities + Equity = ? Total Assets
Total Assets – Total Liabilities = Equity
Asset and Expense accounts increase with which? Debit
Liability, Equity, and Revenue accounts increase with a credit
The proof of the equality of debit and credit balances is called _____ trial balance
incoming assets in return for sold goods or services revenue
outgoing assets or liabilities incurred expenses
the difference between Revenue and Expenses net income
It is a ‘snapshot’ of the finances of the business at one given time balance sheet
the items of value owned by the company assets
the company’s obligations liabilities
where we track cash coming into and going out of the business cash flow statement
accounting system which recognizes revenue and expenses as they are earned or incurred, not as cash received or paid accrual basis
a non-cash expense depreciation
The amount contributed by proprietor to start his business capital
debts that are payable within a year Current Liabilities
used for long-term and will likely provide benefits to a company for more than one year fixed assets
assets that are reasonably expected to be converted into cash within one year current assets
Cash or other property that can be easily converted to cash Liquid Asset

Accounting Crossword

Type
Crossword
Description

Left hand side of a T account. Debit
Another name for withdrawals. Drawings
classified lists of __________ is chart of accounts. Ledger
Account receivable is an example of _________ Assets
An Owner's Equity Capital
REVENUE-EXPENSES= Income
A subdivision of owner's equity. expense
An account which is opposite to another account. Contra
closing down of a business Liquidation
The concept which relates ideas that the owner is saperate from business. Entity

Budgeting Crossword

Type
Crossword
Description

An essential item required for life. Need
Something unnecessary, but desired. Want
A fundamental belief about what is desirable, worthwhile, and important to an individual. Value
A spending plan for managing money during a given period of time. Budget Plan
Money earned through employment and investments. Income
An amount of money spent to buy goods and services for yourself. Expense
An amount of money that is the same each time you pay. Fixed Expense
Costs that change in amount each time they are paid. Variable Expense
Something owed to another - an obligation. Debt
A debt for which you are liable for - financial obligation. Liabilities
A value that is owned. Assets
To divide/distribute as necessary. Allocate
Ability to pay all debts. Solvent
Inability to pay all debts. Insolvent
The amount by which assets exceeds liabilities. Net Worth
Specific, Measurable, Attainable, Realistic, Time Bound SMART

Accounting Bingo

Type
Bingo Cards
Description

payroll
journal
chart of accounts
profit
cash
financial statement
Unit of Measurement
general ledger
revenue
debit
credit
accounts payable
accounts receivable
expenses
Objective Evidence
accrual accounting
sales
depreciation
balance sheet
income statement
equity
Realization of Revenue
liability
asset
Accounting Period Cycle
Business Entity
Consistent Reporting
Full Disclosure
Going Concern
Historical Cost

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