Across
- 2. is the income that a business has from its normal business activities, usually from the sale of goods and services to customers.
- 4. Are those expenses which are to be incurred in the future but the amount for the same has already been paid in advance
- 8. a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.
- 10. an accounting record maintained to track money withdrawn from a business by its owners.
- 13. expense which has been incurred but not yet paid.
- 15. Things that are resources owned by a company and which have future economic value that can be measured and can be expressed in dollars. Examples include cash, investments, accounts receivable, inventory, supplies, land, buildings, equipment, and vehicles.
- 17. is a classification on a balance sheet of a company's fixed assets, such as buildings, computers, furniture, land, and machinery, that are expected to be used for more than a year.
- 18. the act of committing money or capital to an endeavor (a business, project, real estate, etc.), with the expectation of obtaining an additional income or profit.
- 19. refer to funds raised to support a particular business or project.
- 21. represents the funds raised by the business from selling its equity, and not from ongoing operations.
- 22. is a required income statement entry that reflects total revenue minus cost of goods sold (COGS).
- 25. are obligations of the company; they are amounts owed to creditors for a past transaction and they usually have the word "payable" in their account title.
- 26. the recorded cost of inventory in a company's accounting records at the start of an accounting period.
- 27. Are assets or liabilities of a company that are still useful and payable in more than a year or more than a normal operating cycle.
- 28. are those expenditures that a business incurs to engage in activities not directly associated with the production of goods or services. These expenditures are the same as selling, general and administrative expenses.
Down
- 1. is an entity's income minus cost of goods sold, expenses and taxes for an accounting period.
- 3. the accumulated net income of the corporation that is retained by the corporation at a particular point of time, such as at the end of the reporting period.
- 5. is the accumulated total of all costs used to create a product or service, which has been sold. These costs fall into the general sub-categories of direct labor, materials, and overhead.
- 6. are operating revenues earned by a company for selling its products or rendering its services. Also referred to as revenue, they are reported directly on the income statement
- 7. is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account. It is positioned to the right in an accounting entry.
- 9. is a cost incurred to promote and market products to customers. These costs can include anything from advertising campaigns and store displays to delivering goods to customers.
- 11. an entry recording an amount owed, listed on the left-hand side or column of an account.
- 12. pertain to operation expenses rather than to expenses that can be directly related to the production of any goods or services, including rent, utilities, insurance, and managerial salaries.
- 14. A form of business operation that declares the business as a separate, legal entity guided by a group of officers known as the board of directors.
- 16. the process of providing funds for business activities, making purchases or investing. Financial institutions such as banks are in the business of providing capital to businesses, consumers and investors to help them achieve their goals.
- 19. A current asset account which includes currency, coins, checking accounts, and undeposited checks received from customers.
- 20. Are assets or liabilities of a company that are only useful and payable in a year or a normal operating cycle.
- 23. a specific kind of legal relationship formed by the agreement between two or more individuals to carry on a business as co-owners.
- 24. the amount of inventory a company has in stock at the end of its fiscal year. It is closely related with ending inventory cost, which is the amount of money spent to get these goods in stock.
- 29. is the difference between the value of the assets and the value of the liabilities of something owned