Financial Literacy: Overview of the accounting cycle Worksheet

The bookkeeper uses these kinds of documents to write up the accounting books of the business.
A business uses a __________ to acknowledge that it has received money.
The business earns money from operations, known as _____________.
The business spends money to run the business and we call it _____________.
We call the right-hand side of the account the _____________ side.
We call the left-hand side of the accounting cycle the _____________ side.
When income is greater than expense.
When two parties take part in this activity by exchanging money or something of value
_____________ are the possessions of the business.
A large number of transactions take place in the business every day. It is necessary to summarise these into _____________.