Chapter 17.2 Vocab key terms made by: Trevor Lawson

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Across
  1. 3. The systematic process of recording and reporting the financial position of a person or an organization.
  2. 6. A financial report that shows incoming and outgoing money during an accounting period.
  3. 7. The total amount of money owed to a business.
  4. 11. Items of value that will be held for more than one year.
  5. 12. Represents the short-term liabilities that a business owes to creditors.
  6. 13. Creditors' claims to the assets of a business.
  7. 15. A report of the balances in all assets, liability, and owner's equity accounts at the end of an accounting period.
  8. 16. A rule that states that assets must equal the sum of liabilities and owner's equity.
  9. 17. Assets that are either used up or converted to cash during the normal cycle of the business.
Down
  1. 1. The money that is available to a business at any given time.
  2. 2. A report of the revenue, expenses, and net income or net loss statement.
  3. 4. Documents that summarize the changes resulting from business transactions that occur during an accounting period.
  4. 5. An owners claim to the assets of the business.
  5. 8. Anything of value that is owned or controlled.
  6. 9. Property and other items of value owned by a business.
  7. 10. Provide a way to communicate financial info to others.
  8. 14. The present value of an asset less all claims against it.