Chapter 4 & 5 Crossword

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Across
  1. 4. Statement A financial document that summarizes revenue and expenses over a period.
  2. 5. Accounting A fundamental principle in accounting that ensures transactions maintain balance.
  3. 7. Equation A mathematical equation that represents the relationship between assets, liabilities, and equity.
  4. 8. The income generated from selling goods or services.
  5. 9. A group or file of all accounts in an accounting system.
  6. 11. A record that documents each change to items in the accounting equation.
  7. 15. and Credit A method used in accounting to record increases and decreases in financial accounts.
Down
  1. 1. Costs incurred by a business to generate revenue.
  2. 2. Balance The total amount of all accounts in a ledger at a specific time.
  3. 3. A type of account used for internal tracking, often represented in a T-shape.
  4. 6. A category of accounts that represent what a business owes.
  5. 10. Funds withdrawn from a business by its owner for personal use.
  6. 12. A category of accounts that represent what a business owns.
  7. 13. Balance A financial report that lists balances of all ledger accounts to check for errors.
  8. 14. Equity The section of the ledger that tracks the owner’s financial stake in a business.