Accounting Chapter 1

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Across
  1. 5. a business that exists to provide services
  2. 8. represents the claims on the business to transfer the residual interest
  3. 9. the people and entities that have an interest in the incomes of the company
  4. 10. an amount incurred from using resources in the effort to generate revenue
  5. 11. the transfer of economic resources
Down
  1. 1. a business that is legally separated from its owners
  2. 2. an amount earned from rendering services or transferring resources to customers
  3. 3. a business owned by two or more individuals whose personal possessions are at risk if the business falls
  4. 4. assets minus liabilities
  5. 6. the exchange of goods or services on an arm's-length basis that results in mutual benefit for both parties involved
  6. 7. a company's total revenues less its total expenses for a period of time