Fundamentals of Accounting 1 Module 1 Vocabulary

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Across
  1. 1. group of different kinds
  2. 6. person or company who sells something
  3. 8. free from an obligation
  4. 9. anything you have that has any value to it (#1 cash, home, car, land, furniture)
  5. 11. business provides a service for a fee
  6. 12. organizing things
  7. 15. money received on a regular basis
  8. 16. value of all assets minus all liabilities
  9. 18. business owned by shareholders
  10. 20. an account how much money the owner has withdrawn throughout the fiscal period
  11. 22. business sells products
  12. 24. business provide a service and sell a product
Down
  1. 1. goods (things) bought and sold
  2. 2. fixed regular payment to an employee
  3. 3. money paid at a particular rate (%) for the use of money lent (a charge for using money you borrowed)
  4. 4. proprietorships only one owner
  5. 5. two or more owners
  6. 7. money still owed
  7. 10. someone who owns stocks in a company
  8. 12. an account that shows the owner’s net worth
  9. 13. a record summarizing all the information pertaining to a certain item in the accounting equation
  10. 14. money coming into business (money earned)
  11. 17. activity that changes two or more accounts, one on debit side and one on credit side
  12. 19. an amount of money (usually money due or left over)
  13. 21. anyone you owe money to (person, bank, company)
  14. 23. a period of time for which a business records its activities (usually one month)