Acounting Concepts

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Across
  1. 4. - Resources owned by the business that have future economic benefits. Examples include cash, inventory, equipment, and property.
  2. 6. - Money owed by the business to suppliers for goods or services purchased on credit.
  3. 8. - A financial statement that shows the revenue, expenses, and net income or loss of the business over a period of time.
  4. 9. - Money owed to the business from customers who have not yet paid for goods or services.
  5. 10. - Obligations that the business owes to other parties. Examples include loans, accounts payable, and taxes payable.
Down
  1. 1. - The costs incurred by the business in earning revenue. Examples include salaries, rent, utilities, and supplies.
  2. 2. - A financial statement that shows the inflows and outflows of cash and cash equivalents for a period of time.
  3. 3. - A financial statement that shows the assets, liabilities, and equity of the business at a specific point in time.
  4. 5. - The residual interest in the assets of the business after deducting liabilities. It represents the owner's or shareholders' claim on the assets of the business.
  5. 7. - The income earned by the business from the sale of goods or services. It is recognized when earned, regardless of when payment is received.