Accounting Crossword

1. standard set of principles accountants use
4. profit that is distributed to shareholders
6. when expenses are greater than revenue
8. inventory costing method that assumes the last inventory received is the first sold
10. assets taken out of the business for personal use
13. depreciation method that is used solely for tax purposes only
14. normal balance for liabilities, capital, and revenue
16. a business owned by two people
17. what an employee is left with when all deductions are subtracted from his total earnings
20. what the company owes
21. a business that many owners through the sale of stocks
22. normal balance for assets, drawing, expenses, and purchases

2. a business owned by one person
3. anything of value that the company owns
5. net sales minues cost of merchandise sold
7. financial statement that shows assets, liabilities, and owner's equity.
9. financial statement that shows whether you have a net income or net loss
11. what is left when you subtract liabilities from assets
12. the date a note is due is referred to as the _____ date.
15. when an asset losses value over time
18. the language of business
19. inventory costing method that assumes the first inventory purchased is the first inventory sold