Basics of Accounting

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Across
  1. 4. The accounting principle that assumes the business and owner are separate.
  2. 8. Goods returned by customers.
  3. 10. A reduction in the value of fixed assets over time.
  4. 12. Assets minus liabilities equals ________.
  5. 13. The amount owed by the business to suppliers.
Down
  1. 1. The amount owed by customers to the business.
  2. 2. The process of matching debit and credit entries.
  3. 3. The final statement showing financial position. (7)
  4. 5. The book in which transactions are first recorded
  5. 6. Money invested by the owner in the business. (7)
  6. 7. The left side of an account.
  7. 9. Expenses paid before they become due.
  8. 11. A person or business to whom money is owed.