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Accounting Vocabulary 1 Revised

Across
A record of financial transactions for a specific category or purpose
occurs when an individual or business owes money to another person or organization
the master account containing all ledger accounts holds a complete record of all transactions taking place within a specified accounting period
the length of time covered by a financial statement or operation; each accounting period covers one complete accounting cycle
accounting entries that function to increase assets or decrease liabilities; to the left side in accounting documents
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
income a business earns by selling products and/or services associated with its main operations
Down
items of value, or resources that a business owns or controls
accounting entries that increase liabilities or decrease assets;  to the right side in accounting documents
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
any monetary event that impacts a business’s financial statements
the reduction in value of an asset as it is used to generate revenue