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Chapter 12

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Across
2
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
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Purchases minus purchases returns and allowances, minus purchases discounts.
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The ability of an asset to be quickly turned into cash by selling it or by putting it up as security for a loan
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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
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A firm's current assets less its current liabilities.
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Net purchases plus freight in
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Net sales minus cost of goods sold, or profit before deducting operating expenses
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Debts payable over a comparatively long period; usually more than one year
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Expenses directly connected with the selling activity, such as salaries and sales staff, advertising expense, and delivery expenses
Down
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Accounts whose balances apply to one fiscal period only, such as revenues, expenses, and the Drawing account.
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Written promises to pay the seller/lender the amount due in a period of less than one year.
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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.
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The reverse of certain adjusting entries, reversing entries are recorded as of the first day of the following fiscal period.
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The final figure on an income statement after all expenses have been deducted from revenues
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A firm's current assets divided by its current liabilities
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Sales minus sales returns and allowances, minus sales discounts.