Accounting 11 Chapter 1 & 2

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Across
  1. 2. Entity Concept, A business is separate from its owner.
  2. 3. Payable, Money a business owes.
  3. 5. Proprietorship, A business owned by one person.
  4. 7. Accounting Equation, Assets = Liabilities + Equity.
  5. 9. Receivable, Money owed to a business.
  6. 10. Principle, Record expenses when revenue is earned.
  7. 11. A business separate from its owners.
Down
  1. 1. Recognition Principle, Record revenue when earned, not received.
  2. 2. Sheet, A statement showing assets and liabilities.
  3. 4. Principle, Record assets at their original cost.
  4. 6. How easily assets turn into cash.
  5. 8. Liability, A debt due in more than a year.