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Hint
Answer
P
Father of Accounting
Fr. Luca Pacioli
J
Book of original entry
Journal
A
Asset= Liabilities + Capital
Accounting Equation
B
Other term for Statement of Financial Position
Balance Sheet
R
Last procedure in accounting cycle
Reversing Entries
Hint
Answer
A
Already earned but not yet receive
Accrued Income
I
Temporary Account (+)
Income
R
Net Income/ Asset
Return on Assets
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.
Partnership
G
Underlying Principle
Going Concern
Hint
Answer
Elements of Accounting, Dr. as Normal balance
Asset/Expense
N
Accounts Receivable less Allowance for doubtful accounts
Net Realizable Value
O
The average time between purchasing or acquiring inventory and receiving cash proceeds from its sale.