Write the missing word(s) in the space provided, using the following words: accounts, asset, balance sheet, expense, general ledger, revenue, liability, income statement, trial balance, owner’s equity.

a Journals are summarised into another book called the . . . . . . . . . .

b In this summary book, page headings are called . . . . . . . . . .

c The general ledger accounts are organised into classifications in the chart of accounts.

What the business owns is in the . . . . . . . . . . classification.

What the business owes externally, or outside the business, is in the . . . . . . . . . . classification.

What the business owes the owner is in the . . . . . . . . . . classification.

What sales the business makes are in the . . . . . . . . . . classification.

What costs the business has are in the . . . . . . . . . . classification.

d A list of the general ledger account balances is called a . . . . . . . . . .

e The profit or loss is shown in the . . . . . . . . . .

f What the business owns and owes is shown in the . . . . . . . . . .