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Student Activity #3 "Accounting Terms"

Horizontales
The process of calculating the latest up-to-date balance of each account at the end of an accounting period.
A cost Incurred in running a business by consuming goods or services in producing revenue.
A subdivision of owner's equity that records money or other assets an owner withdraws from a business for personal use.
Business organization that are both a legal and accounting entity.
A columnar device used by accountants to aid them in completing the accounting cycle.
The allocation of the cost of an asset over its expected useful life.
Goods brought into a store for resale to customers.
Cash or other assets that a corporation distributes as earnings to stockholders.
Due date of the promissory note.
An inventory method where inventory is done at the end of an accounting period.
Properties of value owned by a business.
This type of paid-in capital represents the basic ownership equity of the corporation.
The owner's investment of equity in the company.
Verticales
A listing of business transactions in chronological date order.
A type of asset having no physical substance.
An inventory method where inventory is done on a continual basis.
Owners of the stock of the corporation.
A group of accounts that records data from business transactions.
The abbreviation for the amount of state income tax withheld by the employer from the employer's gross pay.
The transferring, copying, or recording of information from a journal to a ledger.
A journal entry that affects more than two accounts.
The cost of using money for a period of time.
This type of entry is where nominal accounts are zeroed out and the permanent accounts are updated and carried over.
This statement details the performance of a firm (revenue minus expenses) for a specific period of time.
The abbreviation for this law as it pertains to the rules and regulations for payroll purposes.