Accounts

5. / Occurs when expenses exceed revenue
6. / Amount of money paid to workers on daily basis
9. / a document that proves payment was made
10. / any money earned by the business.
11. sheet / A financial statement that reports on all of a company’s assets, liabilities, and equity
13. / Money taken by the proprietor for personal use
14. term used to classify the assets that a company has purchased to sell to its customers that remain unsold
16. payable / all of the expenses that a business has incurred but has not yet paid
18. / A Person who owns the business
19. debt / The state of being unable to pay the money owed, by a person or a company

1. profit / Net sales minus cost of goods sold
2. / the amount paid on a loan or line of credit that exceeds the repayment of the principal balance.
3. are recorded because of this principle
4. / the term that accounts for the loss of value in an asset over time
5. / A term referencing how quickly something can be converted into cash
7. act of buying goods or services
8. / Money invested by the owner into the business
12. flow / term that describes the inflow and outflow of cash in a business.
15. expense / An expense that been incurred but hasn’t been paid
17. balance / listing of all accounts in the General Ledger with their balance amount (either debit or credit)