Accounting Terminology Review

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Across
  1. 4. The account used to keep track of the owner’s withdrawal of assets for personal use
  2. 5. The name of the accounts used to keep track of money owed to the business by its customers
  3. 7. The Account used to keep track of money charged to customers for providing a service
  4. 9. A device used to keep track of the changes for each part of the accounting equation
  5. 11. The name of the accounts used to keep track of money owed by the business to its suppliers
  6. 12. Accounting records should be verifiable, generally supported by a source document
  7. 15. A business event that has a monetary impact on the financial statements of a business
  8. 16. The owner’s contribution to the business
  9. 17. Items a business owns that have monetary value
  10. 18. Items that are used up to operate the business
  11. 19. The value of a person’s assets less their liabilities.
  12. 20. Goods or services that will be used by the business, purchased in advance
Down
  1. 1. Money received from customers for providing a service or product
  2. 2. A debt owed by the business to another individual or business
  3. 3. A business paper that provides proof a transaction has occurred and verifies the dollar value of the transaction
  4. 6. Customers who owe the business money
  5. 8. Individuals or businesses that the business owes money to
  6. 10. Money received from a customer prior to the business performing the service
  7. 13. A business’s assets, liabilities, and transactions must be kept separate from its owner
  8. 14. The account used to keep track of the owner’s claim to the business