BASIC ACCOUNTING TERMS

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Across
  1. 4. It is the liability of the firm towards the proprietor or partners
  2. 5. It is what firm owes to outsiders like loans from bank,creditors.
  3. 8. Goods remaining unsold as on a particular date.
  4. 10. Expenditure incurred to purchase fixed assets.
  5. 11. Expense paid in the current year but relating to the next financial year.
  6. 13. Profit earned from the transactions incidental to the business
  7. 14. Assets which have physical existence.
  8. 15. A reduction in price of goods sold or in amount.
Down
  1. 1. A statement of balances of Assets and Liabilities.
  2. 2. Amount owed to the business that is written off as it becomes irrecoverable.
  3. 3. Excess of revenue over expenses.
  4. 4. Liability which is payable within 12 months from the end of the accounting period.
  5. 6. Economic resources of the entity which will give benefit in the future.
  6. 7. An evidence of transaction having taken place.
  7. 9. Amount receivable against sale of goods and/or services or both.
  8. 12. Amount,goods or assets taken by the proprietor for personal use.