Chapter 2 Crossword

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Across
  1. 2. The result of an excess of revenue over expenses
  2. 3. An arrangement to allow payment at a later date; also called a charge account or open-account credit
  3. 4. An outflow of cash, use of other assets, or incurring of a liability
  4. 8. Debts or obligations of a business
  5. 13. The relationship between assets and liabilities plus owner's equity
  6. 14. The current worth of an asset or the price the asset would bring if sold on the open market
  7. 15. A formal report of a business's financial condition on a certain date; reports the assets, liabilities, and owner's equity of the business
  8. 17. The result of an excess of expenses over revenue
  9. 18. Financial investment in a business; equity
  10. 19. An owner's financial interest in a business
Down
  1. 1. A formal report of business operations covering a specific period of time; also called a profit and loss statement or a statement of income and expenses
  2. 5. The financial interest of the owner of a business; also called proprietorship or net worth
  3. 6. Funds taken from the business by the owner for personal use
  4. 7. Claims for future collection from customers
  5. 9. Amounts a business must pay in the future
  6. 10. An inflow of money or other assets that results from the sales of goods or services or from the use of money or property; also called income
  7. 11. A financial event that changes the resources of a firm
  8. 12. A point at which revenue equals expenses
  9. 16. Property owned by a business