Accounting 1

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Across
  1. 1. the difference between total revenue and total expenses when total expenses are greater
  2. 4. Organized summaries of a business's financial activities.
  3. 6. Balance the side of the account that is increased
  4. 7. the amount remaining after the value of all liabilities is subtracted from the value of all assets
  5. 8. an increase in owner’s equity resulting from the operation of a business
  6. 10. the amount in an account
  7. 13. A person whose profession is the creating and preparing of financial information for a business.
  8. 14. the account used to summarize the owner’s equity in a business
  9. 16. Ledger a ledger that contains all accounts needed to prepare financial statements
  10. 18. a business activity that changes assets, liabilities, or owner’s equity
  11. 21. a financial statement that reports assets, liabilities, and owner’s equity on a specific date
  12. 23. a proof of the equality of debits and credits in a general ledger
  13. 24. financial reports that summarize the financial condition and
  14. 25. a decrease in owner’s equity resulting from the operation of a business
  15. 29. determining that the amount of cash agrees with the balance of the cash account in the accounting records
  16. 30. transferring information from a journal entry to a ledger account
  17. 32. Cycle The series of accounting activities included in recording financial information for a fiscal period.
  18. 35. the length of time for which a business summarizes and reports financial information
  19. 36. the recording of debit and credit parts of a transaction entry: information for each transaction recorded in a journal
  20. 39. A record summarizing all the information pertaining to a single item in the accounting equation.
  21. 40. the difference between total revenue and total expenses when total revenue is greater
  22. 41. an amount recorded on the right side of a T account
Down
  1. 2. a business paper from which information is obtained for a journal entry
  2. 3. a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
  3. 5. a journal with two amount columns in which all kinds of entries can be recorded
  4. 9. an amount recorded on the left side of a T account
  5. 11. journal entries used to prepare temporary accounts for a new fiscal period
  6. 12. an accounting device used to analyze transactions
  7. 15. the number assigned to an account
  8. 17. anything of value that is owned
  9. 19. An equation showing the relationship between assets, liabilities, and equity.
  10. 20. accounts used to accumulate information from one fiscal period to the next
  11. 22. The planning, recording, analyzing, and interpreting of financial information.
  12. 26. accounts used to accumulate information until it is transferred to the owner’s capital account
  13. 27. An account used to record that cash is owed to your business by other party - money you need to receive.
  14. 28. an amount owed by a business
  15. 31. An account used to record that cash is owed by your business to another party - money you need to pay.
  16. 33. a financial statement showing the revenue and expenses for a fiscal period
  17. 34. an amount of cash kept on hand and used for making small payments
  18. 37. of a business
  19. 38. recording transactions in a journal