Basic Accounting terms

3. excess of total revenue over total expenses
6. claim of the owners or proprietor in the business
11. selling of goods
13. decrease in book value of an asset due to its use or obsolescence
15. earned from transactions relating to business
16. an economic unit which may be business enterprise or non-business enterprise
17. excess of total expenses over total of revenue and other income
19. earned from transactions incidental to business
21. an evidence of transaction having taken place
22. recording business transaction in the books of account
24. a reduction in price of goods sold or in amount

1. a record of transactions under that head
2. amount,goods or assets taken by the proprietor for personal use
4. right side of an account
5. the amount spent or liability incurred for acquiring assets, goods or services
7. economic resources of the entity which will give the benefit in the future
8. claim of amounts against the entity or enterprise
9. items purchased for resale or for manufacturing product
10. amount received from the sale of goods and/or services or both
12. amount spent or incurred to earn revenue
14. expense on purchasing or/and manufacturing goods
18. goods remaining unsold or unused in manufacturing of product as on a particular date
20. left side of an account
23. buying of goods to be sold or for manufacture of goods