Accounting: Balance Sheet & Income Statement

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Across
  1. 1. The difference between the price you paid for the asset and what it is worth today
  2. 6. One of the purposes/reasons for doing accounting
  3. 7. The accounting term for an amount that is refunded
  4. 10. Anything of value that the business owns
  5. 11. The __________ statement shows the profitability of the business over a period of time
  6. 12. Shows the financial position of the business
  7. 14. Revenue minus cost of goods sold
  8. 17. The most liquid asset
  9. 18. An amount that the business owes
  10. 19. Another term for operating expenses
  11. 20. Assets equals liabilities plus owner's equity is the fundamental accounting __________
Down
  1. 2. The owners financial stake in the business
  2. 3. The costs associated with earning a revenue
  3. 4. This is calculated by dividing your current assets by your current liabilities
  4. 5. The process of recording, analyzing, and interpreting the financial activities of a business
  5. 8. The money a business collects for the products it sells
  6. 9. This is calculated by dividing total debt by total asset
  7. 13. The money that is left when expenses are deducted from gross profit
  8. 15. Assets that remain in the business for a long time
  9. 16. Assets that are easily converted to cash