Across
- 5. A business event that changes the financial position.
- 6. Resources owned by a business with future economic value.
- 7. Resources that expires within 1 year.
- 9. The owner's residual interest in the business assets after liabilities.
- 10. Assets = Liabilities + Equity.
- 12. Resources we use for more than 1 year.
- 13. Obligations or debts owed to outsiders.
- 14. Owner’s investment in the business.
Down
- 1. Withdrawals made by the owner for personal use.
- 2. System where every transaction affects at least two accounts.
- 3. obligation that requires more than 1 year to settle.
- 4. Income earned from normal business operations.
- 8. Costs incurred in the process of earning revenue.
- 11. Obligation that will settle within 1 year.