Accounting

3. The process of recording, classifying, and summarizing financial transactions.
5. A company's debts or obligations.
8. A record that summarizes all transactions related to a particular item.
10. Anything of value owned by a business.
11. A business owned by one person.
12. Equation: Formula that shows the relationship between assets, liabilities, and owner's equity.
14. Funds taken out of a business by the owner for personal use.
16. Income generated from business activities.

1. An event that affects the financial position of a company.
2. A financial statement showing a company's assets, liabilities, and owner's equity at a specific point in time.
3. Money a business owes to suppliers or creditors.
4. To make smaller in amount or value.
6. To make larger in amount or value.
7. Money owed to a business by its customers.
9. Wealth in the form of money or other assets owned by a business.
13. The owner's financial interest in the company.
15. Costs incurred in the process of earning revenue.