Intro to Accounting

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Across
  1. 3. The money a business receives from selling products, services, or investments.
  2. 5. Understanding and managing the financial activities of a business.
  3. 6. Equity The difference between assets and liabilities, representing net worth.
  4. 8. Valuable items owned by a person or business.
  5. 10. Statements Documents summarizing financial activities, such as balance sheet and income statement.
  6. 12. Debts or amounts owed to others.
  7. 13. Period The 12-month period a business uses for financial calculations.
  8. 14. Equity The owner's investment in the business, calculated as assets minus liabilities.
Down
  1. 1. Bookkeeping System of recording transactions involving at least one increase and one decrease.
  2. 2. Costs incurred by a business to generate revenue, including operating costs.
  3. 4. Account Purchasing something with the intention of paying for it later.
  4. 7. The ease with which an asset can be converted into cash.
  5. 9. A recorded activity of a business involving money, where something of value is exchanged.
  6. 11. Worth The value of everything you own after all debts are paid.