General Accounting Theme

Accounting Theme 2 - General


By: Dr. Nabil Chaiban


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C A S H E Q U I V A L E N T S
 
N
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C L E A N O P I N I O N D
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A U D E F I C I T
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P R I P N
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F I X E D A S S E T S R C G
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T C C Y A E O E
             
A E C C C M N
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L I R D E B I T I E E
             
G V U U A S R
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A A A C C O U N T A N T T A
             
I B L R I A L
           
N L Y O T L
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E B N E E
       
S U M D
     
D E G
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O P E R A T I N G E X P E N S E
     
E T R
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E X P E N D I T U R E

Across

  1. Short-term (generally less than three months), highly liquid INVESTMENTS that are convertible to known amounts of cash.
  2. AUDIT opinion not qualified for any material scope restrictions nor departures from GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). Also known as UNQUALIFIED OPINION.
  3. Financial shortage that occurs when LIABILITIES exceed ASSETS.
  4. Tangible LONG TERM ASSETS used in the continuing operation of a business that are unlikely to change for a long time.
  5. Entry on the left side of a DOUBLE-ENTRY BOOKKEEPING system that represents the addition of an ASSET or expense or the reduction to a LIABILITY or REVENUE.
  6. Person skilled in the recording and reporting of financial transactions.
  7. An EXPENSE other than COST OF GOODS SOLD that is incurred in running a business.
  8. Payment, either in CASH, by assuming a LIABILITY, or by surrendering ASSET.

Down

  1. Series of payments, usually payable at specified time intervals.
  2. Portion of the total GAIN recognized on the sale or exchange of a noninventory asset which is not taxed as ORDINARY INCOME. Capital gains have historically been taxed at a lower rate than ordinary income.
  3. Expense allowance made for wear and tear on an ASSET over its estimated useful life.
  4. Summary of the effect of REVENUES and expenses over a period of time.
  5. Amounts of money due from customers or other DEBTORS.
  6. The recognition of an expense or revenue that has occurred but has not yet been recorded.
  7. Collection of all ASSET, LIABILITY, owners EQUITY, REVENUE, and expense accounts.
  8. Mathematician employed by an insurance company to calculate PREMIUMS, RESERVES, DIVIDENDS, and insurance, PENSION, and ANNUITY rates, using risk factors obtained from experience tables.
  9. Financial plan that serves as an estimate of future cost, REVENUES or both.