Across
- 3. Equity The owner’s claims to the assets of the business
- 5. you are buying on credit when you buy something and agree to pay it later
- 6. account When a business buys an item on credit, it is buying on account
- 9. The business or person selling you an item. A person of business to which you owe money
- 10. The costs incurred by a business to operate and maintain its activities, which include payments for goods and services, as well as overhead costs like rent, utilities, and advertising
- 11. refers to the financial resources or assets that a business uses to fund its operations and invest in its growth
- 14. receivable total amount of money owed to a business money to be received later because of the sale of goods or services
- 15. Payable Is the amount owed, or payable, to the creditors of a busines
- 16. The creditor’s claim to the assets of the business are called liabilities
- 19. A subdivision under assets, liabilities and owner's equity. It shows the balance for a specific item and is a record of the increases or decreases of an item
- 20. Accounting term for the financial claim to assets
Down
- 1. transaction is a a economic event that causes a change that either decreases or increases
- 2. anything of value that a person or business owns and therefore controls
- 4. Goods or products that are bought and sold by a business. Merchandise can include finished products available for sale to customers and is a crucial part of a company’s inventory in retail or wholesale operations
- 7. claim is a legal right to an item of property
- 8. Income that a business earns from the sale of goods or services. It includes fees for services performed and cash received from merchandise sales, contributing to the overall financial health of the business
- 12. Property or items of value owned by a business are referred to as assets
- 13. equation The relationship between assets, liabilities and owner's equity is shown in this equation. For every transaction in a business there is a balance happening in the equation
- 17. is money or other property paid out in order to produce profit
- 18. The ownership interest in a business, represented by the net assets (assets minus liabilities) that belong to the owners. It reflects the value of the owner's stake in the company