Account Terminology

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Across
  1. 4. Economic resource owned or controlled by a company
  2. 5. Transactions directly from running the business to earn profit. (Day-to-day operations)
  3. 7. Distributions of profits/earnings to owners; reported as a reduction in Retained Earnings.
  4. 8. A system of analyzing, recording, and summarizing the results of a business's operating, investing, and financing activities and then reporting them to decision-makers. Also known as the language of business.
  5. 11. When expenses are greater than revenues.
  6. 12. All costs incurred when doing business necessary to earn revenues, including employee wages, advertising, insurance, utilities, and supplies used in the office.
  7. 15. A person who assists in reporting financial information for decision-making and help owners understand the financial effects of those business decisions.
  8. 16. Business owned by 2 or more people; they're personally liable for all business debts
  9. 17. The amount investors contribute to the company in exchange for its stock.
Down
  1. 1. Amounts earned from selling products or services to customers.
  2. 2. Generated when the total amount earned from selling goods and services is greater than all the costs incurred to generate those sales.
  3. 3. Owners' claims to a company's resources (stockholders/shareholders)
  4. 6. An obligation, financial, or service-based, between two parties that hasn't been fulfilled or paid in full (creditors).
  5. 9. Profits the company has earned through its operations. Also known as retained earnings.
  6. 10. Transactions buying and selling productive resources with long lives, purchasing investments, and lending to others. (Long Term Assets)
  7. 13. Business owned by 1 person; owner is personally liable for all business debts.
  8. 14. Transactions borrowing from banks, repaying bank loans, receiving cash from stockholders for company stock, or paying dividends to stockholders. (Long Term Liabilities and Stockholders' Equity)
  9. 18. A separate entity from both a legal and accounting perspective. Public or private business whose owners are not liable for business debts.