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Chapter 12

Across
Expenses incurred in the administration of a business, including office expense and any expenses that are not completely classified as Selling Expense or Other Expense
Purchases minus purchases returns and allowances, minus purchases discounts.
The ability of an asset to be quickly turned into cash by selling it or by putting it up as security for a loan
Debts that will become due within the normal operating cycle of a business, usually within one year, and that are normally paid from current assets
A firm's current assets less its current liabilities.
Net purchases plus freight in
Net sales minus cost of goods sold, or profit before deducting operating expenses
Debts payable over a comparatively long period; usually more than one year
Expenses directly connected with the selling activity, such as salaries and sales staff, advertising expense, and delivery expenses
Down
Accounts whose balances apply to one fiscal period only, such as revenues, expenses, and the Drawing account.
Written promises to pay the seller/lender the amount due in a period of less than one year.
Cash and any other assets or resources that are expected to be realized in cash or to be sold or consumed during the normal operating cycle of the business.
The reverse of certain adjusting entries, reversing entries are recorded as of the first day of the following fiscal period.
The final figure on an income statement after all expenses have been deducted from revenues
A firm's current assets divided by its current liabilities
Sales minus sales returns and allowances, minus sales discounts.