Accounting concepts

2. Resources owned by a business.
5. Amounts owed by the business.
7. Amounts owed to suppliers for goods bought on credit
8. An error where a transaction is completely left out of the accounting records
10. Goods or cash taken by the owner for own use
12. Income earned from the normal activities of the business
14. Book of original entry.
15. Owner's claim on the assets of the business
17. Amounts owed by customers who bought on credit

1. Cost incurred to earn revenue.
3. Position Statement showing assets, liabilities and equity at a specific date
4. Income earned from selling goods or services.
6. Formula showing the relationship between assets, liabilities and owner's interest
9. Spending on acquiring or improving long-term assets
11. An account opened when the trial balance does not balance
13. Amount invested by the owner in the business.
16. An error that occurs when the wrong type of account is used, such as treating a capital item as a revenue item.