Basic Accounting Terms

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Across
  1. 2. Money or goods taken by the owner for personal use.
  2. 4. Total sales over a specific period.
  3. 5. Owner’s financial investment in a business.
  4. 7. Transactions Deals or exchanges involving money between two or more parties.
  5. 9. Items of value owned by a business.
  6. 10. Farm animals regarded as business assets.
  7. 11. Costs Ongoing business expenses not directly tied to production.
  8. 15. Entry that increases liabilities or income.
  9. 16. Goods or services sold to generate revenue.
  10. 17. A reduction from the usual price.
  11. 19. Money placed in ventures to earn returns.
  12. 23. Any occurrence that can be measured in financial terms.
  13. 24. Tangible products sold by a business.
  14. 25. The financial gain when income exceeds expenses.
  15. 26. Increase in wealth not from usual business operations.
Down
  1. 1. Nature The economic characteristics or essence of a transaction.
  2. 3. Goods bought for resale in a business.
  3. 6. Goods a business holds for resale or use.
  4. 8. Entry that increases assets or expenses.
  5. 10. Debts or obligations owed by a business to outsiders.
  6. 12. The act of using money to buy goods or services.
  7. 13. Costs incurred in the process of earning revenue.
  8. 14. A record summarizing all the information about a single item in the accounting equation.
  9. 18. Earnings received from work, investments, or business.
  10. 20. Total income before expenses are deducted.
  11. 21. When expenses exceed revenues.
  12. 22. Items ready for sale, part of inventory.