Across
- 2. An individual or institution to whom money is owed, usually due to credit extended or loans made.
- 4. - is the money you have left after paying for business expenses.
- 7. - an individual who starts a business.
- 9. Business - a business that uses components to make a finished good.
- 10. The allocation of resources, usually money, with the expectation of generating a return or profit over time. Investments can include stocks, bonds, real estate, and more.
- 12. accounting firms - a business or an accountant who provides services for multiple clients.
- 14. Equity: The residual interest in the assets of a business after deducting liabilities; it represents the owner's claim on the assets.
- 20. Claim: A legal right to an asset or income, typically held by creditors or investors.
- 23. - a legal arrangement between two or more people.
- 26. businesses - one that does not earn profit for its owners.
- 29. entry accounting - A system where every transaction is recorded in at least two accounts on debit and one credit.
- 31. The removal of funds or assets from a business by the owner, which reduces the owner's equity in the company.
- 33. Receivable: Money owed to a business by its customers for goods or services delivered but not yet paid for. It's recorded as an asset on the balance sheet.
- 34. balance - The typical side (debit or credit) that an account usually has based on its type.
- 35. An accounting entry that increases liabilities or equity, or decreases assets, often representing money borrowed or a positive balance in an account.
- 37. -A record that contains all financial transactions for each account.
Down
- 1. A record that tracks the financial transactions of a specific asset, liability, equity, revenue, or expense. Accounts are categorized in the general ledger.
- 2. - a legal entity that is separate and distant from its owners.
- 3. The costs incurred by a business in the process of earning revenue. Expenses reduce the overall profit of the business.
- 5. Business - a business that purchases finished goods and resells them to customers.
- 6. - An entry on the right side of an account that usually increases liabilities, equity, or revenue.
- 8. - a formal agreement or document.
- 11. proprietorship - a business owned by one person.
- 13. - the money it has available to pay for its day to day operations.
- 15. Refers to ownership interest in a company, represented by shares of stock or other ownership instruments.
- 16. Transaction: An economic event that involves the exchange of goods, services, or funds between parties, resulting in a change in financial position.
- 17. Payable: Money a business owes to its suppliers or creditors for goods or services received but not yet paid for. It is recorded as a liability on the balance sheet.
- 18. - An entry on the left side of an account that usually increases assets or expenses.
- 19. The income generated from normal business operations, typically from sales of goods or services, before any expenses are deducted.
- 21. Financial obligations or debts that a business owes to outside parties, which are settled over time through the transfer of economic bene
- 22. - Certified public accountant.
- 24. Tangible or intangible assets owned by a business, such as land, buildings, equipment, or intellectual property.
- 25. - profit businesses -is a business that exists to earn money.
- 27. enterprise system - an economic system where a government places very few restrictions on the types of business activities.
- 28. Business - is a company that performs servicesfor the benefit of their customers.
- 30. - a decrease in net income that is outside the normal operations of a business.
- 32. clerk - asists acsounting departments with various tasks.
- 35. of accounts - A list of all accounts used by a business to organize financial transactions.
- 36. - that examination and verification of a company's financial records.