Balance Sheets and Income Statements

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Across
  1. 3. Standardized rules everyone follows in accounting
  2. 5. Money a business owes to other companies
  3. 9. Ratio that compares current assets to current liabilities
  4. 10. Debts or obligations a business owes
  5. 11. Assets that can be converted to cash within one year
  6. 17. Money customers owe the business
  7. 18. An inspection of a company’s financial records
  8. 19. Ratio that compares total liabilities to total assets
  9. 21. Financial statement showing assets, liabilities, and equity at one moment in time
  10. 22. What accounting is called because it communicates financial information
Down
  1. 1. The decrease in value of an asset over time
  2. 2. The system of recording, summarizing, and analyzing business transactions
  3. 4. Revenue minus expenses
  4. 6. Another name for an income statement
  5. 7. Another name for owner’s equity
  6. 8. The formula that must always balance in accounting
  7. 12. Money the owner invests into the business
  8. 13. Financial statement showing money coming in and going out
  9. 14. Assets used for more than one year to generate income
  10. 15. Financial statement showing revenue and expenses over time
  11. 16. A plan that outlines expected income and expenses
  12. 20. Items of value a business owns