Accounting Basics
Financial Accounting
Dr. Wendy Tietz, CPA, CMA, CGMA, CSCA

This puzzle covers accounting basics covered in chapters 1 through 3 in most financial accounting textbooks.


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  •  1  This type of statement shows assets, liabilities, and equity (12)

  •  3  Will increase a liability (6)

  •  4  A form of business in which the company, and not the owners, is liable for the business's debts; owners are called members for this form of organization (3)

  •  5  An adjustment for the payment of an item in advance or the receipt of cash in advance (8)

  •  7  Type of accounting that focuses on providing relevant and accurate accounting information to decision makers outside of an organization, such as investors and creditors (9)

  •  9  Economic resources that are expected to produce a benefit in the future (6)

  • 12 Allocates the cost of a plant asset to expense over the asset's useful life (12)

  • 13 A debt (9)

  • 14 This type of statement reports how much revenues, expenses, gains, and losses the company had for a period of time (6)

  • 15 The amount earned by income-producing activities and kept for use by the business. (16)

  • 16 Will increase an asset (5)

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  •  2  Amounts due from customers (18)

  •  3  Amount of debts due within 12 months (18)

  •  6  Type of business organization that has one owner who is personally liable (14)

  •  8  Current assets / Current liabilities (12)

  • 10 Type of accounting that provides information to users inside the organization, such as managers and other decision makers (10)

  • 11 Sales revenue minus cost of goods sold (11)

  • 12 Distributions of earnings to shareholders, usually in cash (9)

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