Chapter Two Terms

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Across
  1. 5. the relationship between assets and liabilities plus the owner's equity
  2. 9. a financial event that changes the resources of a firm
  3. 10. loss when expenses exceed revenue
  4. 12. funds taken from the business by the owner for personal use
  5. 13. debts or obligations of the business
  6. 14. costs such as materials, supplies, etc. used to create revenue
  7. 16. amounts owed by charge account clients
  8. 18. the owner's financial interest in the company
Down
  1. 1. the financial statement that shows the status of the firm's assets, liabilities, and owner's equity
  2. 2. the results of business operations for a specific period of time
  3. 3. this reports changes that occurred in the owner's financial interest during the reporting period
  4. 4. an owner's financial interest in the business
  5. 5. the current worth of an asset
  6. 6. what results when revenue is greater than expenses
  7. 7. amounts a business must pay in the future
  8. 8. allowing someone a period of time to pay a bill
  9. 9. occurs when revenue and expenses are equal
  10. 11. same as capital
  11. 15. income (inflow of money or other assets)
  12. 17. property the business owns