Accounting 1

3. Money earned by a business ____.
5. Money that is taken from the business account for personal use ____.
10. The money that a company's customers owes for goods and services that have not been paid yet____.
12. The money used to build, run, or grow a business ____.
13. Accounting equation____.
14. Income Amount earned after subtracting all expenses necessary for and matched with the sales period
15. Tool used to show the effects of transactions and events on individual accounts
16. Equity of a corporation divided into ownership units
17. Consecutive 12-month period chosen as the organization's annual accounting period
19. Things that we owe ____.
21. Owners of a corporation
23. Ratio of a company's net income to its net sales; the percent of income in each dollar of revenue
25. An official examination and verification of a business financial record's ____.

1. The money spent by a business ____.
2. The owner's rights to the asset of the business ____.
4. Statement Financial statement that subtracts expenses from revenues to yield a net income or loss over a specified period of time
6. Things that we own ____.
7. Increases an asset or expense account ____.
8. Recorded on the right side; this deceases asset and expense accounts but increases liability and revenue accounts
9. current asset until their use ____.
11. Money owed by a business to its suppliers ____.
18. Money leaving an account ____.
20. Individuals or organizations entitled to receive payments
22. The money used to build, run, or grow a business____.
24. The profit a company ____.