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Chapter 1 Vocabulary Quiz
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asset : anything of value
liability : amount owed
equities : financial rights to the assets of a business
ownersequity : the amount remaining after the value of all liabilities is subtracted from the value of all assets
accountingequation : shows the relationship among assets, liabilities, and owner's equity
sourcedocuments : information about business transactions
doubleentryaccounting : recording of debit and credit parts of transaction
journal : a form for recording transactions in chronological order
specialjournal : a journal used to record only one kind of transaction
account : a record summarizing all the info. of a single item
ledger : group of accounts
generalledger : contains all accounts needed to prepare financial statements
subsidiaryledger : summarized in a single general ledger account
controllingaccount : summarizes all accounts in a subsidiary ledger
merchandisingbusiness : a business that purchases and sells goods
posting : transferring information from a journal entry to a ledger account
debitmemorandum : a form prepared by the customer showing the price deduction taken by the customer for returns and allowances
contraaccount : reduces a related account on a financial statement
contrabalance : balance that is opposite the normal balance
cashdiscount : deduction that a vendor offers to encourage prompt payment
purchasesdiscount : a cash discount on purchases taken by a customer
pettycash : cash kept on hand and used for small payments
bankstatement : report sent to a depositor by the bank
Chapter 1 Vocabulary Quiz
Across:3. | group of accounts | 9. | amount owed | 10. | a record summarizing all the info. of a single item | 15. | shows the relationship among assets, liabilities, and owner's equity | 16. | anything of value |
| 17. | the amount remaining after the value of all liabilities is subtracted from the value of all assets | 18. | deduction that a vendor offers to encourage prompt payment | 19. | summarized in a single general ledger account | 20. | report sent to a depositor by the bank |
| | Down:1. | cash kept on hand and used for small payments | 2. | a form prepared by the customer showing the price deduction taken by the customer for returns and allowances | 4. | recording of debit and credit parts of transaction | 5. | information about business transactions | 6. | balance that is opposite the normal balance | 7. | reduces a related account on a financial statement |
| 8. | a form for recording transactions in chronological order | 11. | summarizes all accounts in a subsidiary ledger | 12. | a cash discount on purchases taken by a customer | 13. | transferring information from a journal entry to a ledger account | 14. | financial rights to the assets of a business |
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© 2016
PuzzleFast.com, Noncommercial Use Only
Chapter 1 Vocabulary Quiz
Across:3. | group of accounts | 9. | amount owed | 10. | a record summarizing all the info. of a single item | 15. | shows the relationship among assets, liabilities, and owner's equity | 16. | anything of value |
| 17. | the amount remaining after the value of all liabilities is subtracted from the value of all assets | 18. | deduction that a vendor offers to encourage prompt payment | 19. | summarized in a single general ledger account | 20. | report sent to a depositor by the bank |
| | Down:1. | cash kept on hand and used for small payments | 2. | a form prepared by the customer showing the price deduction taken by the customer for returns and allowances | 4. | recording of debit and credit parts of transaction | 5. | information about business transactions | 6. | balance that is opposite the normal balance | 7. | reduces a related account on a financial statement |
| 8. | a form for recording transactions in chronological order | 11. | summarizes all accounts in a subsidiary ledger | 12. | a cash discount on purchases taken by a customer | 13. | transferring information from a journal entry to a ledger account | 14. | financial rights to the assets of a business |
| |
© 2016
PuzzleFast.com, Noncommercial Use Only