Accounting Crossword Puzzle Across Down 4. The purpose of the accounting cycle is to prepare 1. A business transaction is recorded as a statements like the balance sheet, income in the general Journal to show how the event changed in statement, statement of retained eamings, and statement the accounting equation. of cash flows. 2. An exchange of value between two different groups 6. A trial balance that lists of all company accounts that with financial or accounting significance. will appear on the financial statements after year-end 3. The financial process starting with recording business adjusting journal entries have been made. transactions and leading up to the preparation of financial 7. Financial statement is the purpose of the statements. accounting cycle. 5. The accounting is a tool used to help 8. An entry made at the end of an accounting period to bookkeepers and accountants complete the accounting zero out all temporary accounts and transfer their cycle and prepare year-end reports like unadjusted trial balances to permanent accounts. balances, adjusting journal entries, adjusted trial 9. An income statement account that is used to track balances, and financial statements. accounting activity during an accounting period. 10. A balance sheet account that tracks the activities that last longer than an accounting period. 11. A record or document that contains account summaries for accounts used by a company