Accounting Terms

Across

2. An individual or institution to whom money is owed, usually due to credit extended or loans made.
4. - is the money you have left after paying for business expenses.
7. - an individual who starts a business.
9. Business - a business that uses components to make a finished good.
10. The allocation of resources, usually money, with the expectation of generating a return or profit over time. Investments can include stocks, bonds, real estate, and more.
12. accounting firms - a business or an accountant who provides services for multiple clients.
14. Equity: The residual interest in the assets of a business after deducting liabilities; it represents the owner's claim on the assets.
20. Claim: A legal right to an asset or income, typically held by creditors or investors.
23. - a legal arrangement between two or more people.
26. businesses - one that does not earn profit for its owners.
29. entry accounting - A system where every transaction is recorded in at least two accounts on debit and one credit.
31. The removal of funds or assets from a business by the owner, which reduces the owner's equity in the company.
33. Receivable: Money owed to a business by its customers for goods or services delivered but not yet paid for. It's recorded as an asset on the balance sheet.
34. balance - The typical side (debit or credit) that an account usually has based on its type.
35. An accounting entry that increases liabilities or equity, or decreases assets, often representing money borrowed or a positive balance in an account.
37. -A record that contains all financial transactions for each account.

Down

1. A record that tracks the financial transactions of a specific asset, liability, equity, revenue, or expense. Accounts are categorized in the general ledger.
2. - a legal entity that is separate and distant from its owners.
3. The costs incurred by a business in the process of earning revenue. Expenses reduce the overall profit of the business.
5. Business - a business that purchases finished goods and resells them to customers.
6. - An entry on the right side of an account that usually increases liabilities, equity, or revenue.
8. - a formal agreement or document.
11. proprietorship - a business owned by one person.
13. - the money it has available to pay for its day to day operations.
15. Refers to ownership interest in a company, represented by shares of stock or other ownership instruments.
16. Transaction: An economic event that involves the exchange of goods, services, or funds between parties, resulting in a change in financial position.
17. Payable: Money a business owes to its suppliers or creditors for goods or services received but not yet paid for. It is recorded as a liability on the balance sheet.
18. - An entry on the left side of an account that usually increases assets or expenses.
19. The income generated from normal business operations, typically from sales of goods or services, before any expenses are deducted.
21. Financial obligations or debts that a business owes to outside parties, which are settled over time through the transfer of economic bene
22. - Certified public accountant.
24. Tangible or intangible assets owned by a business, such as land, buildings, equipment, or intellectual property.
25. - profit businesses -is a business that exists to earn money.
27. enterprise system - an economic system where a government places very few restrictions on the types of business activities.
28. Business - is a company that performs servicesfor the benefit of their customers.
30. - a decrease in net income that is outside the normal operations of a business.
32. clerk - asists acsounting departments with various tasks.
35. of accounts - A list of all accounts used by a business to organize financial transactions.
36. - that examination and verification of a company's financial records.