Chapter 3 vocabulary

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Across
  1. 5. accounting term for financial claims towards assets
  2. 7. cost of products used to run a business
  3. 9. what the owner takes from revenue for personal use
  4. 11. money or other property paid to increase profit
  5. 12. total amount of money owed to a business
  6. 13. creditors claim to assets of the business
  7. 14. when a business buys an item on credit
  8. 18. liabilities + owners equity
Down
  1. 1. property or items of value owned by a business
  2. 2. economic event that increases or decreases owners equity, liabilities or assets.
  3. 3. anything of value a person owns or controls
  4. 4. income earned from sale of good or service
  5. 6. entitles creditor to receive a payment
  6. 8. when something is bought and agreed to be paid later
  7. 10. subdivision showing the balance of a specific item
  8. 15. person or business selling an item
  9. 16. owners claim to the assets of the business
  10. 17. amount owed to a creditor