POA Theories C3

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Across
  1. 5. Charges for borrowing money from banks or other lenders
  2. 6. Money earned from providing services (service business)
  3. 7. Cash discount received from credit suppliers for making early payment
  4. 12. __________ refers to the claim by the owner on the net assets of a business.
  5. 13. Total cost price of goods that have been sold
  6. 15. Amounts owed to credit supplier
  7. 16. Assets taken from a business for the owner’s personal use
Down
  1. 1. Liabilities are __________ owed by a business to others that are expected to be settled in the future.
  2. 2. Expenses are costs __________ in the operation of a business to earn income in the same accounting period.
  3. 3. Assets are __________ owned by a business that are expected to provide future benefits.
  4. 4. Amounts collectible from credit customers
  5. 5. Goods bought by business for resale
  6. 8. Cash discount given to credit customers for making early payment
  7. 9. P______ F____ T____ Y____ is the difference between the income earned and the expenses incurred within one accounting year
  8. 10. Resources contributed by the owner for business use
  9. 11. Money earned from selling goods (trading business)
  10. 14. Income refers to amounts __________ through the activities of a business.