accounting 11 review

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Across
  1. 1. The purpose of the accounting cycle is to prepare ___ statements
  2. 4. When expense is higher than revenue, you have a net ___
  3. 5. sheet ___ shows the financial position of a business
  4. 7. A deposit you have paid to your landlord is an asset or liability to yourself
  5. 8. Recording an expense as a service has been provided without cash payment is considered ____ accounting
  6. 12. A type of business that has more than one owner.
  7. 14. A general __ shows the history of transactions
  8. 17. Liability + Owner’s Equity =
  9. 19. _____ expense is the amount of a fixed asset’s cost that is allocated as an expense over its useful life
  10. 20. income ___ is revenue - expense
Down
  1. 2. When a customer owes you money you have a ___ receivable
  2. 3. Journal entries always have to have a ____ and credits.
  3. 6. An unpaid heating bill is an asset or liability?
  4. 9. The three main Canada accounting professions, CGA, CMA, and CA have been merged into __
  5. 10. earning On a balance sheet, this account represents the cumulative profits a company has earned since its inception
  6. 11. balance A ___ always totals to a balance of 0.
  7. 13. An amount owing on a credit card may also accumulate __
  8. 15. The amount of stake you have in a company is called ___
  9. 16. When a company is making profit, it can distribute ___ to its shareholders
  10. 18. Revenue is recognized when __ has been received