Accounting 4.03 Vocabulary

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Across
  1. 3. /A proof of the equality of debits and credits in a general ledger
  2. 5. /A single line drawn under a column to indicate that the amounts above the line are ready to be totaled a double line drawn under a column to indicate that the amounts just above the ruling are totals and no other entries need to be made
  3. 7. /Journal entries recorded to update general ledger accounts at the end of the fiscal period
  4. 9. /Reports net income or net loss financial information over a defined period of time
  5. 10. /A columnar accounting form that is used to summarize the general ledger information needed to prepare the financial statements for a business
  6. 11. /The specific length of time (a month, a quarter, or a year) covered by the financial reports of a business
  7. 12. /Total of goods on hand for sale to customers
Down
  1. 1. /Summarizes what a business owns, what a business owes, and the current net worth on a specific date
  2. 2. /The difference between total revenue and total expenses when the total revenue is greater than total expenses
  3. 4. /Changes recorded on a worksheet to update the general ledger accounts at the end of a fiscal period
  4. 6. /A GAAP principle that requires matching expenses incurred in an accounting period with the revenue earned in the same period
  5. 8. /The difference between total revenue and total expenses when total expenses are greater than total revenue