Accountings Terms (Bonus Points)

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Across
  1. 1. Equity The owner’s claims to the assets of the business.
  2. 4. Accounting term for the financial claim to assets (Camila)
  3. 5. Payable Is the amount owed, or payable, to the creditors of a business.
  4. 7. transaction is a a economic event that causes a change that either decreases or increases. (Camila)
  5. 10. you are buying on credit when you buy something and agree to pay it later. (Gimena Benitez)
  6. 11. The creditor’s claim to the assets of the business are called liabilities.
  7. 13. account When a business buys an item on credit, it is buying on account.
  8. 16. The business or person selling you an item. A person of business to which you owe money. (Gimena Benitez)
  9. 17. Goods or products that are bought and sold by a business. Merchandise can include finished products available for sale to customers and is a crucial part of a company’s inventory in retail or wholesale operations.(Tomas)
  10. 18. receivable total amount of money owed to a business money to be received later because of the sale of goodsa or services. (Camila)
  11. 19. The ownership interest in a business, represented by the net assets (assets minus liabilities) that belong to the owners. It reflects the value of the owner's stake in the company.(Tomas)
Down
  1. 2. The costs incurred by a business to operate and maintain its activities, which include payments for goods and services, as well as overhead costs like rent, utilities, and advertising.(Tomas)
  2. 3. A subdivision under assets, liabilities and owner's equity. It shows the balance for a specific item and is a record of the increases or decreases of an item. (Gimena Benitez)
  3. 6. Property or items of value owned by a business are referred to as assets.
  4. 8. equation The relationship between assets, liabilities and owner's equity is shown in this equation. For every transaction in a business there is a balance happening in the equation. (Gimena Benitez)
  5. 9. Income that a business earns from the sale of goods or services. It includes fees for services performed and cash received from merchandise sales, contributing to the overall financial health of the business.(Tomas)
  6. 12. is money or other property paid out in order to produce profit. (Camila)
  7. 14. anything of value that a person or business owns and therefore controls. (Gimena Benitez)
  8. 15. claim is a legal right to an item of property. (Camila)