Across
- 2. A business activity that involves the exchange of goods, services, or money between two people or a person and a company.
- 3. Any money you owe to someone or something.
- 5. A cost that a business incurs in order to generate revenue.
- 7. The value of an asset after deducting the amount owed on it, also represents the net worth of an individual or business.
- 8. A type of financial instrument that represents ownership in a company.
- 10. 1
- 13. Statements- Reports that summarize a company’s financial transactions and provide information about tis financial position, performance, and cash flows.
- 15. on account-A type of transaction in which a customer purchases good or services from a business, but does not pay for them at the time of the purchases.
- 17. A person or entity that is owed money by another person or entity.
- 18. Equity- The residual interest in the assets of a business after liabilities are deducted.
- 19. worth statement- A financial statement that shows an individuals or business assets, liabilities, and net worth at a specific point in time. It is calculated by subtracting total liabilities from total assets.
- 21. The process of taking money out of a business for personal use.
- 24. Title- A name given to a specific account to identify the transactions recorded in that account.
- 25. Set of accounting standards and guidelines used to prepare and present financial statements.
- 27. Total amount of money that a business earns from the sale of foods or services during a specific period of time.
Down
- 1. The principles and values that guide the behavior of accounting professionals.
- 4. Business- A type of business that provides intangible produces or services to customers who pay for it.
- 6. plan- A written document that outlines the goals, strategies, and operations of a business.
- 9. A record that tracks the financial transactions of a business.
- 10. Account- Record of the total amount of money that a business owner or owners have invested in a business.
- 11. The process of recording, summarizing, analyzing, and reporting financial transactions of a business or individual.
- 12. Ethics- The principles and values that guide the behavior of businesses and organizations.
- 14. system- A set of procedures and controls that a business uses to record, summarize and report its financial transactions. It includes the software, hardware, and personnel that are involved in the accounting process.
- 16. Net Worth statement- A financial statement that shows an individual’s assets, liabilities, and net worth at a specific point in time.
- 20. A type of business ownership where a single individual owns and operates the business.
- 22. Anything that you buy and you legally own.
- 23. Balance- The total amount of money in a specific account given at a point in time.
- 26. Equation- Owners Equity= Liabilities + Assets