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Accounting Vocabulary 1

Across
accounting entries that increase liabilities or decrease assets;  to the right side in accounting documents
the master account containing all ledger accounts holds a complete record of all transactions taking place within a specified accounting period
occurs when an individual or business owes money to another person or organization
the reduction in value of an asset as it is used to generate revenue
the length of time covered by a financial statement or operation; each accounting period covers one complete accounting cycle
a record of the business transactions in the accounting books of a business; consists of the correct date, amounts to be debited and credited, description of the transaction and a unique reference number
items of value, or resources that a business owns or controls
Down
A record of financial transactions for a specific category or purpose
a report of the balances of all general ledger accounts at a point in time
the owner’s rights to the assets of the business
a master list of all accounts in an organization's general ledger. Five main types of accounts appear in a COA: assets, equity, expenses, liabilities, and revenues
income a business earns by selling products and/or services associated with its main operations
any monetary event that impacts a business’s financial statements
accounting entries that function to increase assets or decrease liabilities; to the left side in accounting documents