Accountancy

3. An increase in owner's equity from business operations
6. a person who owns money to the business
9. owners claim over the business assets
13. Principle stating that revenue or expenses should not be overstated or understated
14. Goods held for resale
16. Assumes the business will operate for the foreseeable future
17. A fixed asset used in production
18. Transactions are recorded only when supported by reliable evidence
19. Resources owned by the business
20. money in the form of coins and notes

1. Transactions of a financial nature
2. Money withdrawn by the owner for personal use
4. a person or firm whom money is owned
5. money earned from business operation
7. Process of recording financial transactions
8. assets with no physical form but of great importance
10. Purchase of goods on credit increases this account
11. value of all assets minus liabilities
12. Cost incurred for earning revenue
15. System of accounting where income and expenses are recorded when they occur