Chapter 3 Accounting Vocab

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Across
  1. 2. anything of value that a person or business owns and therefore controls
  2. 5. When a business buys an item on credit
  3. 7. property or items of value owned by a business
  4. 8. the amount owed, or payable, to the creditors of a business
  5. 11. subdivision under assets, liabilities, or owner’s equity
  6. 12. total amount of money owed to a business
  7. 16. creditor’s claims to the assets of the business
  8. 17. legal right to property
  9. 18. income earned from the sale of goods or services
Down
  1. 1. business or person selling the item on credit
  2. 3. owner’s claims to the assets of the business
  3. 4. assets = liabilities + owners equity
  4. 6. economic event that causes a change
  5. 9. when you buy something and agree to pay for it later
  6. 10. cost of products or services used to operate a business
  7. 13. money or other property paid out in order to produce profit
  8. 14. accounting term for the financial claims to assets
  9. 15. business earns revenue, the owner will take cash or other assets from the business for personal use