Accounting Vocabulary

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Across
  1. 1. A person or business that owes money
  2. 4. Money owed to a business by its debtors
  3. 6. A financial statement showing what the business is worth at a point in time – shows assets, liabilities and owners equity
  4. 8. Assumption that the business will continue into the foreseeable future
  5. 9. The effects of transactions and other events are recognised when they occur. They are then reported in the financial reports of the periods to which they relate
  6. 10. Assets less liabilities
  7. 12. A calculation of the profit made from selling the goods at a higher price than they were bought for
  8. 14. The goods on hand that are ready or will be ready for sale
  9. 15. Resources controlled by the entity as a result of past events from which future economic benefits are expected to flow to the entity
Down
  1. 2. Day to day operating costs of the business
  2. 3. Recording assets at their purchase or original cost
  3. 5. A business with just one owner
  4. 7. A person or business to whom money is owed
  5. 11. Where the owner uses business money or assets for personal use
  6. 13. The cost of bringing the goods to the business