Introduction to Accounting

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Across
  1. 1. A type of business that purchases goods from suppliers and resells to customers for profit
  2. 7. The second stage in the accounting process when financial statements are prepared for users' decision making
  3. 8. Assets, Liabilities and Owner's Equity are reported on this financial statement.
  4. 10. Refers to papers, pencil, files and other stationeries
  5. 11. A buyer who purchases goods from a business on credit
  6. 12. Residual interest in the assets of a business after deducting liabilities
  7. 14. An account name used to record the movement of goods in a business
  8. 16. Suggestions and recommendations provided to the owner to improve business performance
  9. 18. A type of asset which earns interest revenue for a business.
Down
  1. 2. An account name used when the owner of a business removes assets from the business for personal use
  2. 3. An outstanding amount that is due for payment
  3. 4. Payments are owed to this party as a result of purchases made on credit
  4. 5. The difference between revenues and expenses
  5. 6. When a bank account balance becomes negative
  6. 9. A person that benefits from the welfare of a business
  7. 13. An accounting system used to record financial transactions in an accurate way.
  8. 15. Provides evidence that a financial transaction has occurred therefore increases the reliability of financial reporting
  9. 17. A borrowing made to finance the operations of a business