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Name: Date: __________________

Program:_____________________________________________ Course:_________________

Instructions: Complete the crossword puzzle using basic accounting terms as defined each number

1 2 c c c c
ACROSS
c c c c c c c c c c c c c 1. The process of identifying,
3 4 recording and communicating
c c c c c c c c c c c c c 5
economic information.
3. Events that are economic
c c c c c c 6 c c c 7 c
activities of an entity.
8 8. The winding up of the affairs of
c c c c c c c c c c an entity
c c c c c c c c c c c 9. Accounting area that deals with
the cost of a product or service
c c c c c c c c c c c
10. A choice made
c c c c 9 c c c c
12. An independent professional
c c c c c c c c c c review service
10 11 13. Traded scarce resources
c c c c c c c c c c c
14. ______ Control monitors the
activities of the business
c c c c 12 c c
c c c c c c c c c c c DOWN
c c c c c c c c c c c 2. Reports designed to meet the
c c c c c c c c c c c information needs of a wide range
of users (2 words)
c c c c c 13 c
4. An independent examination of
c c c c c c c c c c c the accounts by an accountant
c c c 14 c c c c 5. A ___________ accounting
system provides information to
internal users
6. A plan for the future operating activities of a business
7. Provides information to external users: _____________ accounting
11. Unable to pay debts as they fall due

Instructions: Determine the missing amounts and indicate your answers in the spaces provided below

INCOME STATEMENT
For the Year Ended December 31, 2017
T Company I Company P Company
Revenues P 48,000 P (D) P 82,000
Expenses (A) 52,000 64,000

OWNER'S EQUITY STATEMENT


For the Year Ended December 31, 2017
T Company I Company P Company
Capital, January 1 P (B) P 45,000 P 50,000
Net income 15,000 24,000 (G)
Drawings 12,000 (E) 17,000
Capital, December 31 33,000 54,000 (H)

STATEMENT OF FINANCIAL POSITION


December 31, 2017
T Company I Company P Company
Total assets P 75,000 P (F) P 91,000
Total liabilities (C) 56,000 40,000
Total owner's equity 33,000 54,000 (I)

(A)____________________ (D)____________________ (G)____________________


(B)____________________ (E)____________________ (H)____________________
(C)____________________ (F)____________________ (I)_____________________
Instructions: Match each term with its definition by writing the appropriate letter in the space provided

Terms Definitions

______ 1. Revenues. a. Economic events of the enterprise recorded by accountants.


______ 2. Owner's equity statement. b. The process of identifying, recording, and communicating the
______ 3. Owner's equity. economic information of an organization to interested users.
______ 4. Balance sheet. c. The gross increases in owner's equity resulting from business
______ 5. Monetary unit assumption. activities entered into for the purpose of earning income.
______ 6. Income statement. d. Resources owned by the business.
______ 7. Economic entity assumption. e. Reports the assets, liabilities, and owner's equity of a business
______ 8. Assets. enterprise at a specific date.
______ 9. Accounting. f. Presents the revenues and expenses and resulting net income of a
______ 10. Transactions. company for a specific period of time.
______ 11. Expenses. g. Cost of assets consumed or services used in the process of earning
______ 12. Liabilities. revenue.
______ 13. Generally accepted h. Creditorship claims on total assets.
accounting principles. i. Ownership claim on total assets.
______ 14. Cost principle. j. Summarizes the changes in owner's equity for a specific period of
time.
k. Requires that only transaction data capable of being expressed in
terms of money be included in the accounting records of the
economic entity.
l. States that economic events can be identified with a particular unit
of accountability.
m. States that assets should be recorded at their cost.
n. A common set of rules, procedures, and guidelines (standards) used
by accountants in reporting economic events.

Instructions: Identify which business document reflect the transactions given in each number. Determine also the
movement (increase/decrease) of the affected elements (Asset, Liabilities, Owners Equity, Revenue, and
Expense). Refer to Index A.

1. Telephone bill for the month of June received but not yet paid.
2. Paid 600 dollars to repair automobile.
3. Sold a house and collected a 3,500 dollars commission.
4. Sold a building lot and earned a commission, 6,500 dollars. Payment is to be received on July 8.

Instructions: Essay (Minimum of 100 words). How can a successful business contribute to the society/countrys
economy.

Index A: Business Documents

A
B