Find the key term

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Across
  1. 3. data refers to any aspect of a business that can be measured in terms of money
  2. 6. assets are assets that can be sold, used up or consumed through the normal workings of a business within no more than a year from the date of the statement of financial position.
  3. 7. represent businesses or individuals to whom money is due for services or goods supplied to the business.
  4. 10. are businesses or individuals who have received goods or a service from the business on credit, with the understanding that payment is due within the credit period.
  5. 12. is a collection, recording and storage of financial transaction.
  6. 13. refers to goods that a business purchases for resale.
  7. 14. assets are those assets that the business has bought with the intention of using them for a period of more than a year, such as machinery, motor vehicles and premises.
  8. 16. are amounts that the business owes people for resources supplied to the business. Examples of liabilities are trade payables, overdraft and loans.
  9. 17. refer to the value of goods bought for resale.
Down
  1. 1. are resources of monetary value that a business owns or are owed to the business. Examples of assets are cash, motor vehicles, trade receivables and property.
  2. 2. equation is a formula that is used to illustrate the relationship between the assets, liabilities and owner’s equity of a business.
  3. 4. liabilities are those debts that must be paid within a year from the date of the statement of financial position, for example, trade payables and overdraft.
  4. 5. is the term given to the value of assets in the form of cash or inventory withdrawn from a business by the owners for personal use.
  5. 8. is the process of collecting, recording, classifying, summarising, analysing, interpreting and communicating financial data in order to allow the users of accounting information to make informed judgements and decisions.
  6. 9. liabilities are those debts that do not need to be paid within a year from the date of the statement of financial position, for example a long-term bank loan or lease.
  7. 11. are all those people or groups of people who have a special interest in a business. They may be internal or external to the business, for example, prospective investors, the government, trade payables, managers.
  8. 15. , in accounting, is usually what the business owes the owner. It can refer to funds raised by the owner to fund a business idea.