name: name date: date period: period accounting crossword puzzle across 6. assumption that a business has…

name: name date: date period: period accounting crossword puzzle across 6. assumption that a business has the ability to survive and operate indefinitely? 7. ___ is a period of time covered by an accounting report 8. in the gapp there are how many important assumptions? 10. what is the left side of the t - account? 11. what is on the right side of the t - account? 12. what is this equation called assets = liabilitys + owners equity 14. ___ is anything of value that a person or business owns and controls? 15. on account is what? down 1. what is a list of all accounts used by a business? 2. how many sides is there to a t account 3. what side is the normal balance side on? 4. ___ is the account owed or payable to the creditors? 5. ___ is money or other property paid out in order to produce a profit? 9. the income earned from the sale of goods or services? 13. what is a check? word bank increased side going concern cash in bank accounting period credit debit accounting equation property three two investment part of accounts accounts receivable accounts payable

name: name date: date period: period accounting crossword puzzle across 6. assumption that a business has the ability to survive and operate indefinitely? 7. ___ is a period of time covered by an accounting report 8. in the gapp there are how many important assumptions? 10. what is the left side of the t - account? 11. what is on the right side of the t - account? 12. what is this equation called assets = liabilitys + owners equity 14. ___ is anything of value that a person or business owns and controls? 15. on account is what? down 1. what is a list of all accounts used by a business? 2. how many sides is there to a t account 3. what side is the normal balance side on? 4. ___ is the account owed or payable to the creditors? 5. ___ is money or other property paid out in order to produce a profit? 9. the income earned from the sale of goods or services? 13. what is a check? word bank increased side going concern cash in bank accounting period credit debit accounting equation property three two investment part of accounts accounts receivable accounts payable

Answer

Brief Explanations:

  1. Across 6: The assumption that a business has the ability to survive and operate indefinitely is the "Going concern" assumption.
  2. Across 7: A period of time covered by an accounting report is an "Accounting Period".
  3. Across 8: In GAAP, there are four important assumptions, but the available options suggest the answer - related to a number - could be "two" if we consider some basic bifurcations in accounting concepts (though this is a bit of a stretch as the full answer is four).
  4. Across 10: The left - hand side of the T - account is "Debit".
  5. Across 11: The right - hand side of the T - account is "Credit".
  6. Across 12: The equation Assets = Liabilities+ Owners' Equity is called the "Accounting Equation".
  7. Across 14: Anything of value that a person or business owns and controls is "Property".
  8. Across 15: "On Account" is related to "Accounts Payable" as it implies a credit purchase.
  9. Down 1: A list of all accounts used by a business is a "Chart of accounts" (not in the word - bank, but conceptually correct; if we have to pick from the word - bank, we can't answer this precisely).
  10. Down 2: A T - account has "Two" sides.
  11. Down 3: The normal balance side for assets is the debit side. For liabilities and equity, it is the credit side. Without more context on the type of account, we can't precisely answer from the word - bank.
  12. Down 4: The account owed or payable to the creditors is "Accounts Payable".
  13. Down 5: Money or other property paid out in order to produce a profit is "Investment".
  14. Down 9: The income earned from the sale of goods or services is "Revenue".
  15. Down 13: A check is a form of "Cash in bank" as it is a negotiable instrument for transferring bank - held funds.

Answer:

  1. Across 6: Going concern
  2. Across 7: Accounting Period
  3. Across 8: two (with reservation)
  4. Across 10: Debit
  5. Across 11: Credit
  6. Across 12: Accounting Equation
  7. Across 14: Property
  8. Across 15: Accounts Payable
  9. Down 1: (No exact match in word - bank)
  10. Down 2: Two
  11. Down 3: (Insufficient context for word - bank answer)
  12. Down 4: Accounts Payable
  13. Down 5: Investment
  14. Down 9: Revenue
  15. Down 13: cash in bank