Accounting 101

 

Hint

Answer

P

Father of Accounting

J

Book of original entry

A

Asset= Liabilities + Capital

B

Other term for Statement of Financial Position

R

Last procedure in accounting cycle

 

Hint

Answer

A

Already earned but not yet receive

I

Temporary Account (+)

R

Net Income/ Asset

P

Two or more persons bind themselves to contribute money, property or industry to a common fund with an intention of dividing the profits among themselves.

G

Underlying Principle

 

Hint

Answer

 

Elements of Accounting, Dr. as Normal balance

N

Accounts Receivable less Allowance for doubtful accounts

O

The average time between purchasing or acquiring inventory and receiving cash proceeds from its sale.

E

Independent Auditor other name

C

Revenue minus variable cost