Name: ___________________________________________________________________

fundamental of accounting
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Across 27. The difference between a sole proprietorship's total assets 6. . Amounts owned to other for expenses already incurred
1. The fourth step in the accounting cycle is ? and its total liabilities is ___________'s equity. but not yet paid??
2. A creditor's claim on a company' assets. 28. Accounts listed last on the balance sheet. 8. When expenses are greater that revenue you have a?
7. Sales minus expenses 29. A debt evidenced by a "note" which specifies the principal 9. The ___________________ entries are done at the end of every
amount, interest rate and date of repayment month
12. In accounting at least ____________ accounts are affected in
a transaction 30. He is know as father of accounting 10. income statement, balance sheet, statement of changes in
owner’s equity, and statement of cash flows
13. A subsection of the general field of accounting that focuses 32. Assets earned by a company's operations and business
on gathering and compiling data in order to present it to activities. 11. When you owe money
external users in a usable form. 34. Entry on the left side of an account. 14. An asset that arises from selling goods or services to
16. Accepts deposits from people and busniesses and use someone on credit.
35. A written cash flow plan
them to finance their business 15. Plans incomes and expenses
37. Coins,Currencies,checks,bank deposit this is under of____?
17. The report that shows a company's financial position based 20. An example of Revenue is
on its assets, liabilities, and equity at a single moment in time. 38. Credit recorded when a company purchase inventory on
credit from vendors or supplies. 21. A resource that is owned or controlled by a company that
18. This is represent the unsold goods at the end of the can be used to provide a future economic benefit.
accounting period? 39. A written promise to repay money.
22. Liability to pay the bank or other financing institution
19. Initial investments made by owners like stock purchases or 40. A long-term contract to borrow money from a creditor. arising from funds borrowed by the business from these
partnership buy-ins. 41. Revenue,expenses and net incom/loss are show on institution payable within twelve or shorter.
23. The _______ ________ statement summarizes how changes in Down 26. Money received in advance for services to be performed in
balance sheet accounts affect the cash account during the the future are reported on the balance sheet as deferred
accounting period. 3. assets held by an enterprise for the accretion of wealth
revenues, _________________ revenues, or as customer deposits.
24. Miscellaneous assets that are entire in product production 4. The accounts in this balance sheet classification are
credited to increase them 31. The _________________ entries come from the worksheet
that are too small and inexpensive to capitalize.
5. charge for using money until repaid at a future date 33. Entry on the right side of an account.
25. A report that shows the income, expenses, and resulting
profits or losses of a company during a specific time period 36. This affects owners equity

Word Bank
INCOMESTATEMENT ACCOUNTS PAYABLE NOTEPAYABLE CAPITAL LIABILITY SUPPLIES
RECEIVABLE FINANCIAL DEBIT NOTESRECEIVABLE REVENUES CREDIT
ASSET CASHFLOW BALANCESHEET INCOME EQUITY PACIOLI
netloss UNEARNED LIABILITIES OWNER cash inventories
accruedincome loanpayable non-current-assets deposit startupbudget adjusting
sales payable worksheet drawing closing interest
financialstatement two net income loan budget