CH20 Accounting and Financial Reporting

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Across
  1. 2. any items that will be held by a business for more than one year, such as equipment, trucks, or buildings
  2. 5. the amount a business owes to creditors
  3. 6. a pool of money that is allocated for a specific purpose
  4. 8. to change from one form to another
  5. 10. statements or documents that summarize the results of a business operation and provide a picture of its financial position
  6. 12. generally accepted accounting principles established to allow all businesses to use the same system of recording and reporting financial information
  7. 14. the list of accounts a business uses in its operation
  8. 15. a financial diary of a business
  9. 16. an accounting system in which income is recorded when it is received, and expenses are recorded when they are paid
  10. 17. the amount of cash available to a business at any given time
  11. 18. the accounting period of time from January 1 to December 31
  12. 20. the debts of a business
  13. 22. the accounting period of time that begins and ends in months other than the calendar year
  14. 23. a report of the revenue, expenses, and net income or loss for the accounting period
  15. 24. the process of transferring amounts from the general journal to accounts in the general ledger
  16. 25. additions to the right side of an account that decrease the balance for all assets and expense accounts and increase the balance for all liability and revenue accounts
  17. 26. an all-purpose journal that is used to record all types of business transaction
  18. 27. a report of the final balances of all asset, liability, and owner's equity accounts at the end of an accounting period
Down
  1. 1. an accounting system in which income is recorded when it is earned, and expenses are recorded when they are paid
  2. 3. a report of how much cash a business took in and where the cash went
  3. 4. the amount customers owe a business
  4. 7. be composed or made up of
  5. 9. the worth of a business
  6. 11. to move from one place to another
  7. 13. a block of time, such as a month, a quarter, or a year, covered by an accounting report
  8. 15. the process of recording business transactions, usually on a daily basis as they occur
  9. 19. anything of value that a business owns, such as cash, equipment, or a building
  10. 21. additions to the left side of an account that increase the balance of all assets and expense accounts and decrease the balance of all liability and revenue accounts
  11. 25. cash or any other items that can be converted to cash quickly and used by a business within a year