12-1 and 12-2

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Across
  1. 2. owner's equity is the value of the owner's investment in the business
  2. 4. financial records are used to record and analyze the financial performance of a business
  3. 5. all income that a business recieves over a period of time is called revenue
  4. 6. the start-up budget plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable
  5. 8. to report the revenue, expenses, and net income or loss from operations for a specific period, a business prepares an income statement
  6. 9. assets are what a company owns
  7. 10. a cash budget is an estimate of the actual money recieved and paid out for a specific period
Down
  1. 1. expenses are the costs of operating a business
  2. 2. the opertaing budget describes the financial plan for ongoing operations of the business for a specific period
  3. 3. liabilities are what a company owes
  4. 7. the assets, liabilities, and owner's equity for a specific date are listed on the balance sheet
  5. 11. a budget provides detailed plans for the financial needs of individuals, families, and businesses