Across
- 5. owners claim over the business assets
- 8. assets with no physical form but of great importance
- 9. money earned from business operation
- 11. Cost incurred for earning revenue
- 12. a person or firm whom money is owned
- 14. Transactions of a financial nature
- 15. Resources owned by the business
Down
- 1. Principle that states revenue and related expenses should be recorded in the same period
- 2. Goods held for resale
- 3. Purchase of goods on credit increases this account
- 4. A fixed asset used in production
- 6. Process of recording financial transactions
- 7. a person who owns money to the business
- 10. value of all assets minus liabilities
- 12. System of accounting recognizing income and expenses only when cash is received or paid
- 13. Money withdrawn by the owner for personal use