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Week 2: Entering basic data into your MYOB company file
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SOURCE:These documents form the basis of financial data entered into MYOB
FIVE:How many different account groups are there?
ASSETS:Resources with economic value that a business owns or controls with the expectation that it will provide future benefit.
LIABILITIES:Debts or obligations that arise during the course of business operations.
OWNERSEQUITY:The owners current investment in the business. (two words 6,6)
REVENUES:Economic benefits generated by the provision of goods or services.
EXPENSES:Money spent or cost incurred in an organisation's efforts to generate revenue, representing the cost of doing business.
EQUATION:The Accounting .............., states that after every transaction Assets minus Liabilities must equal Owners Equity.
GENERALLEDGER:The collective name for all the businesses accounts and their balances. (two words 7,6)
DEBITS:Recorded on the left hand side of a journal.
CREDITS:Recorded on the right hand side of a journal.
CASH:Accounting system that recognises income (or revenue) only when payment is received and expenses only when payment is made.
ACCRUAL:Accounting system that recognises income (or revenue) only when it is earned (i.e. invoice date) and expenses only when they are incurred, irrespective of when payments are received or made.
RETAINED:When you perform an end of year rollover, the balance of your current year earnings will be transferred to the ................... Earnings account.
RECEIVABLE:The linked control account for pre-conversion sales is Accounts ................
PAYABLE:The linked control account for pre-conversion purchases is Accounts ...................
PRECONVERSION:Historical sales made for which the business is yet to receive payment are known as ……………….. sales.
RECONCILE:The total amount of pre-conversion sales and purchases entered should ……………… with their corresponding Accounts Receivable and Payable control accounts.
MEMO:This field is used to enter a description of the transaction being recorded.
UNPRESENTED:Cheques and deposits that have occurred before conversion date but have not yet been received at the bank are …………………..
Week 2: Entering basic data into your MYOB company file
Across:5. | This field is used to enter a description of the transaction being recorded. | 7. | Money spent or cost incurred in an organisation's efforts to generate revenue, representing the cost of doing business. | 9. | Accounting system that recognises income (or revenue) only when it is earned (i.e. invoice date) and expenses only when they are incurred, irrespective of when payments are received or made. | 11. | Economic benefits generated by the provision of goods or services. | 13. | Resources with economic value that a business owns or controls with the expectation that it will provide future benefit. |
| 14. | The owners current investment in the business. (two words 6,6) | 15. | These documents form the basis of financial data entered into MYOB | 18. | The collective name for all the businesses accounts and their balances. (two words 7,6) | 19. | The Accounting .............., states that after every transaction Assets minus Liabilities must equal Owners Equity. | 20. | Cheques and deposits that have occurred before conversion date but have not yet been received at the bank are ………………….. |
| | Down:1. | When you perform an end of year rollover, the balance of your current year earnings will be transferred to the ................... Earnings account. | 2. | The linked control account for pre-conversion sales is Accounts ................ | 3. | Historical sales made for which the business is yet to receive payment are known as ……………….. sales. | 4. | The total amount of pre-conversion sales and purchases entered should ……………… with their corresponding Accounts Receivable and Payable control accounts. | 6. | Recorded on the left hand side of a journal. |
| 8. | The linked control account for pre-conversion purchases is Accounts ................... | 10. | Debts or obligations that arise during the course of business operations. | 12. | Accounting system that recognises income (or revenue) only when payment is received and expenses only when payment is made. | 16. | Recorded on the right hand side of a journal. | 17. | How many different account groups are there? |
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© 2014
PuzzleFast.com, Noncommercial Use Only
Week 2: Entering basic data into your MYOB company file
Across:5. | This field is used to enter a description of the transaction being recorded. | 7. | Money spent or cost incurred in an organisation's efforts to generate revenue, representing the cost of doing business. | 9. | Accounting system that recognises income (or revenue) only when it is earned (i.e. invoice date) and expenses only when they are incurred, irrespective of when payments are received or made. | 11. | Economic benefits generated by the provision of goods or services. | 13. | Resources with economic value that a business owns or controls with the expectation that it will provide future benefit. |
| 14. | The owners current investment in the business. (two words 6,6) | 15. | These documents form the basis of financial data entered into MYOB | 18. | The collective name for all the businesses accounts and their balances. (two words 7,6) | 19. | The Accounting .............., states that after every transaction Assets minus Liabilities must equal Owners Equity. | 20. | Cheques and deposits that have occurred before conversion date but have not yet been received at the bank are ………………….. |
| | Down:1. | When you perform an end of year rollover, the balance of your current year earnings will be transferred to the ................... Earnings account. | 2. | The linked control account for pre-conversion sales is Accounts ................ | 3. | Historical sales made for which the business is yet to receive payment are known as ……………….. sales. | 4. | The total amount of pre-conversion sales and purchases entered should ……………… with their corresponding Accounts Receivable and Payable control accounts. | 6. | Recorded on the left hand side of a journal. |
| 8. | The linked control account for pre-conversion purchases is Accounts ................... | 10. | Debts or obligations that arise during the course of business operations. | 12. | Accounting system that recognises income (or revenue) only when payment is received and expenses only when payment is made. | 16. | Recorded on the right hand side of a journal. | 17. | How many different account groups are there? |
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© 2014
PuzzleFast.com, Noncommercial Use Only