Question

across

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

down

1. the difference between total revenue and total expenses when total revenue is greater.
2. a trial balance prepared after adjusting entries are posted.
3. a financial statement showing the revenue and expenses for a fiscal period.
4. an accountant who has passed the uniform certified public accounting exam and met the licensing requirement for a state. (note: please enter into the puzzle as an acronym.)

Explanation:

To solve the crossword, we analyze each clue:

Across:

1. Net Loss: When total expenses > total revenue, the difference is a net loss (matches the filled "Netloss" in the grid).
2. Adjusting Entries: Journal entries to update ledgers at fiscal period end (filled as "Adjustingentries").
3. Worksheet: Columnar form to summarize ledger info for financial statements (filled as "Worksheet").
4. Prepaid Expense: Cash paid for an expense used later (filled as "Prepaidexpense").
5. Fiscal Year: 12 - month fiscal period.
6. Trial Balance: Proof of debit - credit equality in ledger.
7. Balance Sheet: Reports assets, liabilities, equity on a date.
8. Adjustments: Changes on worksheet to update ledgers.
9. Fiscal Period: Time business summarizes financial info.

Down:

1. Net Income: When total revenue > total expenses, the difference is net income (matches the "NetIncome" - like vertical fill with "Net" and "Income" parts).
2. Adjusted Trial Balance: Trial balance after adjusting entries.
3. Income Statement: Shows revenue and expenses for a period.
4. CPA: Certified Public Accountant (acronym for accountant with uniform exam and state license).

Answer:

Across Answers:

1. Net Loss
2. Adjusting Entries
3. Worksheet
4. Prepaid Expense
5. Fiscal Year
6. Trial Balance
7. Balance Sheet
8. Adjustments
9. Fiscal Period

Down Answers:

1. Net Income
2. Adjusted Trial Balance
3. Income Statement
4. CPA