Across
- 3. When you buy something and agree to pay for it later, you are buying on
- 6. money that would be received later because of the sale of goods or services on credit.
- 9. is money or other property paid out in order to produce profit
- 10. The accounting term for the financial claims to these assets.
- 12. the amount owed, or payable, to the creditors of a business.
- 15. the cost of products or services used to operate a business.
- 16. When a business buys an item on credit
- 17. transaction that happens when a business earns revenue, and the owner will take cash or other assets from the business for personal use.
- 18. occurs when goods, services, or money are passed between one person, business, account, etc.
Down
- 1. Income earned from the sale of goods or services
- 2. Equity is the portion of a company's assets that an owner can claim
- 3. The business or person selling you the item on credit.
- 4. can be any financial asset that is used
- 5. The creditor’s claims to the assets of the business.
- 7. in Bank All funds on deposit with a bank or savings and loan institution, normally in non-interest-bearing accounts.
- 8. anything of value that a person or business owns and therefore controls.
- 11. is a subdivision under assets, liabilities, or owner’s equity
- 12. cash, office equipment, manufacturing equipment, buildings, land
- 13. Assets= Liabilities+owner’s equity.
- 14. A balance can refer to the money in a bank account or due on an account. And balance can also describe the act of balancing an account.