Accounting Terms 2

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Across
  1. 2. The amount of goods bought for resale or the raw materials used in the production process
  2. 8. A person who receives a benefit without paying money immediately but is liable to pay in future within a particular period of time.
  3. 9. The amount invested by the proprietor or the partners into the business.
  4. 10. These are the physical items of trade that are purchased to be sold.
  5. 11. Debt, It is the amount receivable by the business which becomes irrecoverable and is therefore, treated as a loss by the business.
  6. 13. It is the amount spent or liability incurred for acquiring assets, goods or services.
  7. 15. It is the amount incurred on a specified item or activity in the business.
Down
  1. 1. A person who gives a benefit without receiving money immediately but to claim it in future.
  2. 3. The goods sold that have already been bought or manufactured by the business.
  3. 4. The amount a business is liable to pay others.
  4. 5. It is the buying and selling of goods and services with the objective of earning profit.
  5. 6. It is the excess of revenue over expenses.
  6. 7. It is the state where a person/entity is in position to pay its debts.
  7. 12. Value, It is the value at which items appear in the books of accounts or financial statements.
  8. 14. The formal recording of all the transactions in the company's books of accounts.