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MBA201 Chapter 2 Review Spring 2018

Across
Reports on an organization’s financial position at a point in time.
A list of accounts and their balances at a point in time used to confirm that the sum of debit account balances equals the sum of credit account balances.
Identify and describe transactions and events. Source documents are sources of accounting information and can be either hard copy or electronic.
Can be used to record any type of transaction.
A list of all ledger accounts with their identification numbers.
A record containing all accounts used by a company.
The process of recording each transaction in a journal
Owner’s residual interest in the assets of the business after deducting liabilities
The process of transferring journal entry information to the ledger
A record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.
A one-year, or annual, reporting period
Down
The left side of an account
Resources owned or controlled by a company that have expected future benefits.
The difference between the total debits and total credits recorded in an account.
Represents a ledger account and is used to understand the effects of one or more transactions.
Reports the revenues earned less the expenses incurred by a business over a period of time.
Claims by creditors against assets; obligations to transfer assets or provide products or services to others
The right side of an account
Gives a complete record of each transaction in one place; it shows the debits and credits for each transaction.