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CR
Accounting Concepts, Accounting Principles, Accounting Equation
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matching principle:expenses are recorded when incurred
revenue recognition principle:revenues are recorded when earned
cash basis:expenses are recorded when cash is paid and revenues are recorded when cash is received
accrual basis:transactions are recorded when they happen regardless of whether or not cash is affected
financial statements:income statement, statement of retained earnings, balance sheet, statement of cash flows
GAAP:generally accepted accounting principles
balance sheet:the financial statement that is the accounting equation in formal format
ledger:where transactions are posted in t-accounts
journal:transactions are journalized here
net income:appears on both the income statement and the statement of retained earnings
ending retained earnings:appears on both the statement of retained earnings and the balance sheet
net income:revenues less expenses
accounting equation:assets = liabilities + owners' equity
entity concept:owners' personal transactions are separate from that of the business
going concern:businesses are expected to stay in business in the foreseeable future
Accounting Concepts, Accounting Principles, Accounting Equation
Across:2. | generally accepted accounting principles | 11. | revenues less expenses | 12. | appears on both the income statement and the statement of retained earnings |
| 13. | owners' personal transactions are separate from that of the business | 14. | revenues are recorded when earned |
| | Down:1. | expenses are recorded when incurred | 3. | transactions are recorded when they happen regardless of whether or not cash is affected | 4. | income statement, statement of retained earnings, balance sheet, statement of cash flows | 5. | appears on both the statement of retained earnings and the balance sheet | 6. | businesses are expected to stay in business in the foreseeable future |
| 7. | assets = liabilities + owners' equity | 8. | transactions are journalized here | 9. | the financial statement that is the accounting equation in formal format | 10. | where transactions are posted in t-accounts | 15. | expenses are recorded when cash is paid and revenues are recorded when cash is received |
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© 2012
PuzzleFast.com, Noncommercial Use Only
Accounting Concepts, Accounting Principles, Accounting Equation
Across:2. | generally accepted accounting principles | 11. | revenues less expenses | 12. | appears on both the income statement and the statement of retained earnings |
| 13. | owners' personal transactions are separate from that of the business | 14. | revenues are recorded when earned |
| | Down:1. | expenses are recorded when incurred | 3. | transactions are recorded when they happen regardless of whether or not cash is affected | 4. | income statement, statement of retained earnings, balance sheet, statement of cash flows | 5. | appears on both the statement of retained earnings and the balance sheet | 6. | businesses are expected to stay in business in the foreseeable future |
| 7. | assets = liabilities + owners' equity | 8. | transactions are journalized here | 9. | the financial statement that is the accounting equation in formal format | 10. | where transactions are posted in t-accounts | 15. | expenses are recorded when cash is paid and revenues are recorded when cash is received |
| |
© 2012
PuzzleFast.com, Noncommercial Use Only