Accounting Chapters 6-8 Vocabulary Review

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Across
  1. 2. Accounting which involves reporting income when earned and expenses when incurred.
  2. 3. Journal entries recorded to update general ledger accounts at the end of a fiscal period.
  3. 8. A trial balance prepared after the closing entries are posted.
  4. 9. The length of time for which a business summarizes its financial information.
  5. 11. A financial statement showing the revenue and expenses for a fiscal period.
  6. 13. The difference between total revenue and total expenses when total revenue is greater.
  7. 14. Accounts used to accumulate information from one fiscal period to the next.
  8. 15. A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
  9. 16. The series of accounting activities included in recording financial information for a fiscal period.
  10. 18. The area of accounting which focuses on reporting information to external users.
Down
  1. 1. The proof of the equality of debits and credits in a general ledger.
  2. 4. Accounts used to accumulate information until it is transferred to the owner's capital account.
  3. 5. Assets minus liabilities.
  4. 6. The area of accounting which focuses on reporting information to internal users.
  5. 7. Journal entries used to prepare temporary accounts for a new fiscal period.
  6. 10. A fiscal period consisting of 12 consecutive months.
  7. 12. The difference between total revenue and total expenses when total expenses are greater.
  8. 17. A financial statement that reports assets, liabilities, and owner's equity on a specific date.