Review Basic Accounting

3. An entry that increases an asset or expense account, or decreases a liability or equity account.
5. Income earned from the sale of goods or services.
6. The allocation of the cost of a tangible asset over its useful life.
7. the goods a business has available for resale
8. the total resources provided by the owner and represents what the business owes the owner
9. A financial statement showing a company's assets, liabilities, and equity at a specific point in time
12. financial obligation or debt owed by a business
13. represent the amount the business owes to the credit suppliers of goods (trade creditors)
14. The cost incurred in the process of earning revenue.
16. The process of recording, summarizing, and reporting financial transactions.

1. represent the amount owed to the business by its credit customers (trade debtors)
2. A book or computer file containing a company's financial accounts.
4. A formal record of a company's financial activities.
7. A financial statement showing a company's revenues and expenses over a period of time.
10. anything of value owned by a business
11. An entry that decreases an asset or expense account, or increases a liability or equity account.
15. the owner's interest in the business, calculated as assets minus liabilities