Accounting Part 1 Term Review

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Across
  1. 3. Transferring information from a journal entry to a ledger account.
  2. 6. Net income divided by total sales equation for
  3. 8. list of accounts used by a business.
  4. 9. The first digit in the account number 410 means that the account is in the _______ division
  5. 11. A financial statement showing the revenue and expenses for a fiscal period.
  6. 12. The first step in the posting procedure.
  7. 13. An increase in equity resulting from the sale of goods or services.
Down
  1. 1. Journal entries recorded to update general ledger accounts at the end of a fiscal period.
  2. 2. Income Summary is a(n) ________ account
  3. 4. An accounting device used to analyze transactions.
  4. 5. financial statement that reports assets, liabilities, and owner’s equity on a specific date.
  5. 7. When cash is paid for insurance, insurance is
  6. 10. A person or business to whom a liability is owed.