accounting basics

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Across
  1. 1. Assets - Liabilities
  2. 4. A person or business to whom you owe money.
  3. 5. An account that represents the total amount of money that the business expects to collect in the future from making sales on credit.
  4. 7. a business ownership form that has limited liability, but is subject to double taxation.
  5. 8. A hybrid business ownership form that has limited liability for the owners, but at the same time has the pass through tax advantage of a partnership.
  6. 9. Another name for the owner's equity account in a sole proprietorship is owner's _______
  7. 11. Income earned from the sale of goods and services.
Down
  1. 2. The costs incurred in order to generate revenue.
  2. 3. The owner takes cash or other property out of the business for personal use.
  3. 5. An account that represents the total amount of money owed to vendors from purchases made on credit.
  4. 6. Buying goods and paying later is the same as making a purchase _____________.
  5. 8. The creditor's claim to the assets of a business.
  6. 10. Any property of value owned by a business.