Noah Peterson Chapter 6 Accounting Vocab

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