Chapter 6 Vocabulary

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Across
  1. 7. Reporting income when the cash is received and expenses when the cash is paid.
  2. 10. The difference between total revenue and total expenses when total expenses are greater.
  3. 11. Cash paid for an expense in one fiscal period that is not used until
  4. 12. Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.
  5. 13. Reporting income when it is earned and expenses when they are
Down
  1. 1. A proof of equality of debits and credits in a general ledger.
  2. 2. The difference between total revenue and total expenses when total revenue is greater.
  3. 3. Journal entries recorded to update general ledger accounts at the end of a fiscal period.
  4. 4. A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
  5. 5. A financial statement that reports assets, liabilities, and owner’s equity on a specific date.
  6. 6. The length of time for which a business summarizes its financial information and reports its financial performance.
  7. 8. A fiscal period consisting of 12 consecutive months.
  8. 9. A financial statement showing the revenue and expenses for a fiscal