Across
- 5. the relationship between assets and liabilities plus the owner's equity
- 9. a financial event that changes the resources of a firm
- 10. loss when expenses exceed revenue
- 12. funds taken from the business by the owner for personal use
- 13. debts or obligations of the business
- 14. costs such as materials, supplies, etc. used to create revenue
- 16. amounts owed by charge account clients
- 18. the owner's financial interest in the company
Down
- 1. the financial statement that shows the status of the firm's assets, liabilities, and owner's equity
- 2. the results of business operations for a specific period of time
- 3. this reports changes that occurred in the owner's financial interest during the reporting period
- 4. an owner's financial interest in the business
- 5. the current worth of an asset
- 6. what results when revenue is greater than expenses
- 7. amounts a business must pay in the future
- 8. allowing someone a period of time to pay a bill
- 9. occurs when revenue and expenses are equal
- 11. same as capital
- 15. income (inflow of money or other assets)
- 17. property the business owns