Accounting Review/Key Concepts Crossword Puzzle

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Across
  1. 2. The amount owed to the creditors of a business. It is a liability account.
  2. 4. Buying something and agreeing to pay for it later.
  3. 10. Money or other property paid out in order to produce revenue.
  4. 13. A legal right to an item of property.
  5. 14. Property or items of value owned by a business
  6. 15. Buying or selling something with the agreement to pay later.
  7. 17. Money or other property paid out in order to produce profit.
  8. 18. A subdivision under assets, liabilities, or owner's equity that shows the balance for a specific item and records increases or decreases for that item.
Down
  1. 1. An economic event that causes a change—either an increase or decrease—in assets, liabilities, or owner's equity.
  2. 3. When the owner takes cash or other assets from the business for personal use.
  3. 5. The total amount of money owed to a business.
  4. 6. The owner's financial claim to the assets of the business.
  5. 7. Assets = Liabilities + Owner’s Equity.
  6. 8. Financial claims to the assets of a business. These include both liabilities (creditors' claims) and owner's equity (owner’s claims).
  7. 9. Income earned from the sale of goods or services.
  8. 11. Anything of value that a person or business owns and therefore controls.
  9. 12. Debts of a business; the creditor’s claims to the assets of the business.
  10. 16. A person or business to which money is owed.