Across
- 1. The difference between the price you paid for the asset and what it is worth today
- 6. One of the purposes/reasons for doing accounting
- 7. The accounting term for an amount that is refunded
- 10. Anything of value that the business owns
- 11. The __________ statement shows the profitability of the business over a period of time
- 12. Shows the financial position of the business
- 14. Revenue minus cost of goods sold
- 17. The most liquid asset
- 18. An amount that the business owes
- 19. Another term for operating expenses
- 20. Assets equals liabilities plus owner's equity is the fundamental accounting __________
Down
- 2. The owners financial stake in the business
- 3. The costs associated with earning a revenue
- 4. This is calculated by dividing your current assets by your current liabilities
- 5. The process of recording, analyzing, and interpreting the financial activities of a business
- 8. The money a business collects for the products it sells
- 9. This is calculated by dividing total debt by total asset
- 13. The money that is left when expenses are deducted from gross profit
- 15. Assets that remain in the business for a long time
- 16. Assets that are easily converted to cash