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 Amount withdrawn by the owner for personal use.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