Intro finance

1. A deficit in a bank account caused by drawing more money than the account holds.
3. indirect business expenses which are not chargeable to a particular part of work or production, e.g. heating, lighting or wages
4. a measure of the gradual wearing out, consumption or other loss of value of a fixed asset
6. a statement of the assets, liabilities and capital of an organisation at a given point in time.
9. amount of the profit owing to shareholders
11. the debts of the business which provide a source of funds
12. costs exceed turnover
13. It is a comparison of all revenues and expenses that accrue over a specific period.
15. assets assets likely to be changed into cash within a year
16. profit turnover less cost of sales
18. goods and other assets acquired for resale
19. it represents the money owed to the business

2. The part of the profit that is not distributed to shareholders
5. it represents the money the business owes to someone
7. assets with a life span of more than one year
8. income which is not earned from the direct trading of the company.
10. items of owners' equity arising from share premiums, retention of profits and upward revaluation of assets
14. long term loan used to purchase buildings
17. a source of funds provided by the owners of the business used to buy assets