Accounting Ch. 1

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Across
  1. 4. A type of business that changes basic inputs into products that are sold to individual customers.
  2. 7. The resources owned by a business.
  3. 8. The rights of the owners of a business
  4. 9. The rights of creditors that represent debts of the business.
  5. 11. A summary of the revenue and expenses for a specific period of time, such as a month or a year.
  6. 13. A business providing services rather than products to customers.
Down
  1. 1. The equation that shows the relationship among assets, liabilities, and equity; expressed as Assets = Liabilities + Owner’s Equity.
  2. 2. A list of the assets, liabilities, and owner’s equity as of a specific date
  3. 3. The difference between the amounts received from customers for goods or services provided and the amounts paid for the inputs used to provide the goods or services.
  4. 5. A business owned by one individual.
  5. 6. How revenue from the sale of merchandise is recorded
  6. 10. Amounts used to generate revenue
  7. 12. A type of business that purchases products from other businesses and sells them to customers.