My Crossword Maker Logo
Powered by BrightSprout
Save Status:
or to save your progress. The page will not refresh.
Controls:
SPACEBAR SWITCHES TYPING DIRECTION
Answer Key:
Edit a Copy:
Make Your Own:
Crossword Word Search Worksheet
Rate This Puzzle:
Log in or sign up to rate this puzzle.

Adjusting the Accounts

Professor Leticia Togba, CPA
Central Texas College
ACCT 2301 - Principles of Accounting, Ch. 3
Across
The Revenue Recognition _________ states that a company should recognize revenue in the accounting period that the performance obligation is satisfied.
The process of allocating the cost of an asset to expense over its useful life.
An account that offsets against an asset account on the balance sheet.
An _______ Trial Balance is a list of all the accounts and their balances once the company has made all necessary adjustments.
_______ Expenses are expenses that are incurred, but have not been paid for in cash or recorded.
What a business OWNS that helps them generate revenues (or make money).
Accounts __________ is when a business is expecting to RECEIVE future payment for a service they've performed or a good they've delivered to the customer.
A liability account created by cash that is received from a customer BEFORE services are performed.
_____ revenue is when physical goods are being sold to a customer.
_______ revenue is when services are being performed for a customer.
____ basis accounting records revenues when cash is received and expenses when cash is paid.
The Expense __________ Principle states that a company should recognize expenses in the period they are incurred to generate revenue.
Accrued ________ are revenues for services performed, but cash has not been received or recorded.
Down
___ Payable is a liability with a due date that is usually between 90 days - 1 year. It is also an account that requires interest payments.
Adjusting _______ are made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are being followed.
An asset account created by paying for expenses before they are due, services are used, or goods are consumed.
The life or length of service for a depreciable asset.
The Time Period __________ states that the economic life of a business can be divided into artificial time periods (i.e. monthly, quarterly, yearly).
Adjusting entries for either accrued revenues or accrued expenses.
Accounts _______ is when a business did NOT PAY in cash at the time services were performed for them or goods were delivered to them.
Shares or stocks issued to customers who invest their cash into the business.
Adjusting entries for either prepaid expenses or unearned revenues.
What a business OWES, specifically in reference to debt and obligations.
An _______ period is a monthly or quarterly accounting time period.
An ______ period is a year accounting time period.
A business year from January 1st - December 31st.
Costs that are related to the efforts of generating revenue.
_______ basis of accounting records transactions in the period in which they've occurred, regardless if the payment is received or made for the transaction.
A business year that is one year in length, but does not start on January 1st.