Accounting 3/4 - Chapter 2

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Across
  1. 3. The current worth of an asset or the price the asset would bring if sold on the open market.
  2. 7. A financial event that changes the resources of a firm.
  3. 11. The relationship between assets and liabilities plus owners' equity.
  4. 12. The result of an excess of revenue over expenses.
  5. 15. The financial interest of the owner of a business; also called proprietorship or net worth.
  6. 17. Claims for future collection from customers.
  7. 18. Financial investment in a business; equity
  8. 19. An outflow of cash, use of other assets, or incurring of a liability.
Down
  1. 1. Debts or obligations of a business.
  2. 2. An arrangement to allow payment at a later date; also called a charge-account or open-account credit.
  3. 4. A point at which revenue equals expenses.
  4. 5. A formal report of changes that occurs in the owner's financial interest during a reporting period.
  5. 6. Property Owned by a business.
  6. 8. A formal report of business operations covering a specific period of time; also called a profit or loss statement or a statement of income and expenses.
  7. 9. A formal report of a business's financial condition on a certain date; reports the assets, liabilities, and owner's equity of the business.
  8. 10. Funds taken from the business by the owner for personal use.
  9. 13. Amounts a business must pay in the future.
  10. 14. An owner's financial interest in a business.
  11. 16. An inflow of money or other assets that results from the sales of goods or services or from the use of money or property; also called income.