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Essential Concepts of Accounting

Teacher: Professor Glenda Evans
Across
The accounting term that means an entry will be made on the right side of an account.
A balance sheet liability account that reports amounts received in advance of being earned.
Reports the assets, liabilities, and owner's (stockholders') equity at a specific point in time, such as December 31.
Reports the revenues, gains, expenses, losses, net income and other totals for the period of time shown in the heading of the statement.
Assets = Liabilities + Owner's Equity
To record accounting entries into a journal.
Accounts that do not close at the end of the accounting year.
Revenue that has been earned but not yet invoiced to the customer.
Equated with the cost of doing business
Down
A record in the general ledger that is used to collect and store similar information.
A stockholders' equity account that generally reports the net income of a corporation from its inception until the balance sheet date less the dividends declared from its inception to the date of the balance sheet.
A cost that has been recorded in the accounting records and reported on the balance sheet as an asset until the cost is recognized.
An expense that has occurred but the transaction has not been entered in the accounting records.
That part of the accounting system which contains the balance sheet and income statement accounts used for recording transactions.
Obligations of a company or organization. Amounts owed to lenders and suppliers.
Accounts that are closed at the end of each accounting year.
Fees earned from providing services and the amounts of merchandise sold.
Things that are resources owned by a company and which have future economic value that can be measured and can be expressed in dollars.
A current asset account which includes currency, coins, checking accounts, and undeposited checks received from customers.
The accounting term that means an entry will be made on the left side of an account.