Accounting Basics #1. (Crossword Puzzle)

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Hollie Grant
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1 ccounting asics #1 (rossword uzzle) our ccountingoach membership includes lifetime access to all of our materials. ake a quick tour by visiting

2 ccounting asics # reated with clipserossword For personal use by the original purchaser only. opyright ccountingoach.com. 2

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3 cross (ccounting asics #1) he basis or method of accounting that is less effective than the accrual basis in measuring profitability. he basis or method of accounting where expenses are reported as they are incurred rather than when they are paid. hen a company provides a service and allows the customer to pay in 30 days, the account to be debited is ccounts. 12. he systematic allocation of the cost of equipment and buildings used in a business from the balance sheet to the income statement over the useful life of the asset. 13. ccounting software facilitates recording business. 15. he title of the asset account that reports the unexpired cost of insurance premiums that have already been paid is nsurance his component of roperty, lant & quipment is not depreciated. he balance sheet reports amounts that apply at a particular in time. Known as the book of original entry, it lists transactions in order by date he net income of a company is sometimes referred to as the line (of the income statement). major element of the income statement that reports the costs that have been used in order to obtain revenues during the accounting period epreciation is an allocation technique; it is not a technique. he books of the company that contains all of the accounts is the general. 33. he accounting guideline that prevents assets from being reported at amounts greater than their cost is the principle. 34. major element of the income statement that reports fees earned and sales of products. 35. he accrual basis of accounting is more effective than the cash basis in reporting the of a business. 36. Generally accepted accounting guidelines are referred to as. For personal use by the original purchaser only. opyright ccountingoach.com. 3

hen a company provides a service and allows the customer to pay in 30 days, the account to be debited is ccounts. 12.

4 own (ccounting asics #1) he financial statement that reports the financial position of a company as of an instant or point in time is the sheet. he balance sheet classification that reports the obligations of the company. he book value of an asset or liability is also known as the amount. esources owned by a company. n entry to the left-side of an account. he basic accounting is ssets = iabilities + wner s quity. very transaction that gets recorded in the general ledger involves or more accounts. ome people refer to the income statement as the profit and statement ecause the accounting system used in the.. requires at least one debit and one credit, we refer to the accounting system as -entry. he financial statement that reports the revenues and expenses of a company for a period of time is the statement. 16. ne part of stockholders equity is earnings. 19. n the case of two acceptable alternatives, this guideline directs the accountant to select the alternative that results in less profit and less asset (or more liability). 20. n entry to the right-side of an account he required financial statements include the balance sheet, the income statement, and the statement of cash. he owner s equity section of a corporation s balance sheet is known as shareholders equity or equity. 26. ost liability accounts have this word as part of their title. 27. he title of the liability account that reports amounts that were received by the company before they were earned is evenues listing of all of the accounts available in the general ledger is a of accounts. ometimes inventory is reported at an amount that is than cost. 31. he income statement and the statement of cash flows report amounts covering a of time. For personal use by the original purchaser only. opyright ccountingoach.com. 4

n entry to the left-side of an account. he basic accounting is ssets = iabilities + wner s quity. very transaction that gets recorded in the general ledger involves or more accounts.

5 For personal use by the original purchaser only. opyright ccountingoach.com. 5 olutions (ccounting asics #1) reated with clipserossword F K G J X F Q G

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TRANSACTIONS ANALYSIS EXAMPLE. Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations:

TRANSACTIONS ANALYSIS EXAMPLE. Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations: TRANSACTIONS ANALYSIS EXAMPLE Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations: 1. Billings to clients for services provided: $350,000