Chapter 2 terms (Accounting 1)

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Across
  1. 3. period the length of time for which a business summarizes and reports financial information
  2. 4. statement A financial statement showing the revenue and expenses for a fiscal period.
  3. 10. Official decision; decree
  4. 11. an amount (positive or negative) entered in a patient billing program to change a patient's account balance
  5. 12. principle Accounting principle that expenses should be matched with revenues in the period when efforts are expended to generate income
  6. 14. A group of accounts for a business entity
  7. 16. balance A first effort to determine whether a set of debits was posted with a corresponding and equal set of credit postings.
  8. 17. accounts Accounts used to accumulate information until it is transferred to the owner's capital account
  9. 19. income Amount earned after subtracting all expenses necessary for and matched with sales for a period.
  10. 20. cycle The series of accounting activities included in recording financial information for a fiscal period
  11. 21. cash Determining that the amount of cash agrees with the accounting records
  12. 22. entries Journal entries recorded to update general ledger accounts at the end of a fiscal period
  13. 23. number The number assigned to an account
Down
  1. 1. summary accounts The general ledger account used to summarize the revenue and expenses for the period.
  2. 2. maintenance The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current
  3. 5. entries Journal entries used to prepare temporary accounts for a new fiscal period
  4. 6. sheet A financial statement that reports assets, liabilities, and owner's equity on a specific date.
  5. 7. A columnar accounting form that is used to summarize the general ledger information needed to prepare the financial statements for a business
  6. 8. accounts Accounts used to accumulate information from one fiscal period to the next
  7. 9. trial balance A trial balance prepared after the closing entries are posted
  8. 13. entry a journal entry made to correct an error in the ledger
  9. 15. an account writing an account title and number on the heading of an account
  10. 18. ledger A complete set of all the accounts used by a business.The general ledger accumulates a complete record of the debits and credits made to each account as a result of entries made in the journal.
  11. 21. transferring information from a journal entry to a ledger account