Accounting Terms

4. Goods returned by customers to the business
6. This is another term for 'stock'
9. Another term for 'purchases returns'
12. A list of the accounts and the ledger and their balances
13. This is the value of the resource contributed by the owner
14. This account is debited when goods are bought by the business
19. This is anther term for 'non-current assets'
20. All inventory-related accounts are closed to the _____________ account at the end of the period.

1. These are the resources owned by the business
2. Someone to whom the business owes money
3. This occurs when the business takes more money than it actually has on its account
5. These are the debts of the business
7. resources taken by the owner for his personal use
8. This is another term for 'accounts receivable'
10. money earned by the business in exchange for goods and/or services
11. The value on an account at any given time is called a ____________
15. The cost of operating the business
16. This is the business's main revenue account
17. The excess of revenue over expenses
18. The final profit made by the business after all expenses have been deducted is called the ___________ profit.