11 Accounting Unit 1 and 2 Topic 1

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Across
  1. 3. position a financial statement that includes the elements in the accounting equation
  2. 5. another name for accounts receivable
  3. 8. an equity account that shows the owners investment in the business
  4. 11. the name of a policy or procedure that helps protect the assets of the business
  5. 15. a type of asset held by a business to use to generate revenues
  6. 17. a financial statement that includes the revenues and expenses of a business
  7. 18. a penalty for late payment of accounts receivable
  8. 19. an obligation of a business to others
Down
  1. 1. an asset of a business used to achieve revenues from a profit margin on its sale
  2. 2. an overdue accounts receivable is at risk of becoming this
  3. 4. another name for accounts payable
  4. 6. holding inventory such as technology too long is a possible result of what it will become
  5. 7. an equity account that shows goods or funds removed from the business by the owner
  6. 9. a type of inventory system where records are kept continuously
  7. 10. an incentive for early payment of accounts receivable
  8. 12. items earned by a business
  9. 13. a type of inventory system where a stocktake is needed to calculate the amount of inventory on hand
  10. 14. a type of asset that is typically used up within one year
  11. 16. a type of revenue earned by receiving payment for selling goods and services on behalf of others