Across
- 3. The principal book containing individual accounts.
- 5. Amount withdrawn by the owner for personal use.
- 6. The excess of expenses over revenue.
- 9. Any financial event that changes the position of the business.
- 11. Concept of recording expenses in the same period as revenues.
- 12. Decrease in the value of a fixed asset due to use or time.
- 15. The documentary proof for a transaction.
- 16. The excess of revenue over expenses.
- 17. Assumption that business will continue indefinitely.
- 19. The book of original entry in accounting.
Down
- 1. Income earned from the sale of goods or services.
- 2. The systematic recording of daily financial transactions.
- 4. Principle stating every transaction has two sides.
- 6. Present obligations of the business to outsiders.
- 7. A non-recurring benefit like profit from sale of asset.
- 8. Unsold goods at the end of the accounting period.
- 10. The process of recording, classifying, summarizing, and interpreting business transactions.
- 13. Every transaction affects at least two accounts.
- 14. Resources owned by a business expected to bring future benefits.
- 18. Owner’s investment in the business