This interactive crossword puzzle requires JavaScript and any recent web browser, including Windows Internet Explorer, Mozilla Firefox, Google Chrome, or Apple Safari. If you have disabled web page scripting, please re-enable it and refresh the page. If this web page is saved on your computer, you may need to click the yellow Information Bar … Read more
Instructions Match the account with the statement it is reported on by entering the correct number in the questions column. Once you click off the number field, your results will appear. Your score will be tallied at the bottom. To restart the quiz, simply click the reset button at the bottom. Good Luck! … Read more
Instructions Hover over the scrambled word with your mouse to show the unscrambled answer. 1. Business transactions are recorded as: ojrulna ritseen journal entries 2. Transferring account balances from ledger accounts to trial balances is called _________ account balances. iotpsgn posting 3. Income statement accounts are closed at the end of a period … Read more
Instructions Hover over the missing word with your mouse to show the correct fill in the blank answer. 1. All income statement ——— are closed to the income summary account at year end. ________________________ temporary accounts 2. The balance sheet consists of ——— that are not closed at year end. ________________________ 4. Many … Read more
Correct! Correct Close me! Incorrect! Incorrect Close me! 1. The accounting cycle begins by recording _____________ in the form of journal entries. business transactions financial information corporate minutes business contracts 2. After a business transaction has occurred, journal entries are recorded in the: general ledger general journal expense accounts balance sheet 3. Once journal entries … Read more
What is Inventory? Definition: Inventory, often called merchandise, refers to goods and materials that a business holds for sale to customers in the near future. In other words, these goods and materials serve no other purpose in the business except to be sold to customers for a profit. They are not used in the produce … Read more
What is Accounts Receivable? Definition: Accounts receivable, often abbreviated A/R, is the amount of money that customers currently owe to the company for goods or services that were purchased on credit. Many companies offer credit programs to customers who frequent the business or suppliers who regularly order products. The purpose of credit program is to … Read more
What are Cash and Cash Equivalents? Definition: Cash and cash equivalents are highly liquid assets including coin, currency, and short-term investments that typically mature in 30-90 days. CCE is actually two different groups of very similar assets that are commonly combined because they are so closely related. Let’s take a look at each one of these … Read more
What are Current Assets? Definition: A current asset, also called a current account, is either cash or a resource that are expected to be converted into cash within one year. These resources are often referred to as liquid assets because they are so easily converted into cash in a short period of time. Take inventory … Read more
What are Assets in Accounting? Definition: An asset is a resource that has some economic value to a company and can be used in a current or future period to generate revenues. These resources take many forms from cash to buildings and are recorded on the balance sheet until they are used. Once these resources are … Read more