ACCOUNTANCY CROSSWORD

3. Payable: Amounts owed by a business to its suppliers for goods or services purchased on credit.
4. Statements: Reports that provide information about the financial performance and position of a business.
6. Sheet: A financial statement that provides a snapshot of a company's financial position, showing assets, liabilities, and equity at a specific date.
8. Basis: A method of accounting in which transactions are recorded when they are earned or incurred, regardless of when cash is received or paid.
9. The documentary evidence in support of a transaction
11. The allocation of the cost of a long-term asset over its useful life to reflect its declining value.
13. Withdrawal of money and/or goods by the owner from the business for personal use.
17. Receivable: Money owed to a business by its customers for goods or services sold on credit.
18. A book or electronic system where individual accounts are maintained to record all financial transactions.
19. Obligations or debts that a business owes to external parties
20. Costs incurred in the process of generating revenue, such as salaries, rent, and utilities.

1. The residual interest in the assets of an entity after deducting liabilities. It represents the ownership interest of the shareholders.
2. Accounting: The accounting system in which every financial transaction has equal and opposite debits and credits to maintain the balance in the accounting equation.
5. Income generated from the primary operating activities of a business, such as sales revenue.
7. The systematic process of recording, summarizing, analysing, and interpreting financial transactions.
10. persons and/or other entities who must be paid by an enterprise an amount for providing the enterprise goods and services on credit.
12. Assets are economic resources of an enterprise that can be usefully expressed in monetary terms.
14. Goods and materials held by a business for the purpose of resale or production.
15. Balance: A list of all the ledger account balances to check if debits equal credits and to prepare financial statements.
16. persons and/or other entities who owe to an enterprise an amount for buying goods and services on credit.