1 of 1 Accounting Terms: Back to Ba Across Down 1. a liability created by buying products or services on credit 2. net sales minus cost of goods sold 6. Inflows of assets in exchange for products and services provided to customers as 3. obligations due to be paid or settle part of a company's operations operating cycle 9. an entry that increases asset and expense accounts, and decreases liability 4. Income statement, balance sheet, equity ad revenue accounts statement of cash flows 12. security that represents ownership in a corporation; holders exercise control 5. occurs when expenses exceed reve by electing a board of directors and voting on corporate policy 7. equals a corporation's accumulate 14. describes the sources and uses of cash for a reporting period has not been distributed to sharehold 17. estimate of amount to be recovered at the end of an asset's useful life 8. an asset created by selling product 19. length of time an asset will be productively used in the operations of a 10. process of allocating the cost of business estimated useful life 20. expense created by allocating the cost of plant and equipment to periods in 11. entity created by law and separa which they are used; represents the expense of using an asset 13. method to assign cost to inventor 23. journal entry at the end of an accounting period to bring an asset or liability acquired account to its proper amount and update the related expense or revenue account 15. merchandise a company owns an 24. amount by which a company's value exceeds the value of its individual assets 16. class of ownership in a corporati and liabilities earnines than common stock ng Terms: Back to Basics Down 2. net sales minus cost of goods sold rovided to customers as 3, obligations due to be paid or settled within the longer of one year of the operating cycle decreases liability, 4. income statement, balance sheet, statement of changes in owner's equity, and statement of cash flows ders exercise control 5. occurs when expenses exceed revenues Hicy 7.equals a corporation's accumulated net income (loss) for all prior periods that period has not been distributed to shareholders sset's useful life 8. an asset created by selling products or services on credit -operations of a 10. process of allocating the cost of an intangible asset to expense over its estimated useful life uipment to periods in 11. entity created by law and separate from its owners set 13. method to assign cost to inventory that assumes items are sold in the order ng an asset or liability acquired se or revenue account 15. merchandise a company owns and expects to sell in its normal operations m Accounting Terms: Back to Basics ITTTTTT HH Lycheed by bota change forse.com como Mee 12. th.com yeting board of direcionando 14. are the 17. descente der where chey were the come 13. med the 24 by which the most 23.com by where