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Chapter 8,9,10,11 Key Terms

Across
a method of valuing inventory in which the last units in the inventory are considered sold first.
A negative asset account that offsets the balance in the asset account with which it is paired.
a company with either an account payable notes payable on its books
Goods that have been shipped to a company but do not have to be paid for until they are sold.
a company with either an account receivable or a note receivable on its books
1. An expenditure for which the benefits are expected to be received over a period of greater than one year.
the principle and interest due at maturity date of a note.
the systematic transfer of part of a tangible long-lived asset's cost to an expense.
1. accountants set up costa-asset count for doubtful accounts at the beginning of a fiscal year, give it a balance equal to the sum of accounts expected to be uncollectible in the coming year called the _________ method
Classification of lease agreements that are of relatively long duration, are generally noncancellable,
Down
Principal x Rate x Time = what
A monthly procedure that provides additional control over cash by explaining any differences between the banks cash balance and the books cash balance called a bank _________.
A method of distributing depreciation expense evenly throughout the estimated life of an asset.
the purchase of two or more assets made for on price.
1. Current asset; expected to be sold within a year; a balance sheet item.
Estimated market value of an asset at the time it is to be retired from use. also called residual value or scrap value.
Accounts Receivable – Allowance for Doubtful Accounts= what
1. A business's written authorization to make a cash payment; also, a written document used for posting a transaction to a guest account.
Not everyone pays their bill; need to adjust the accounts receivable to accurately reflect what is expected to be collected.
a method of valuing inventory in which the first units into inventory are considered sold first.