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