Terms of Accounting

5. Amount invested into the business by the owner.
7. Return of goods purchased.
10. Reduction allowed in the sale value due to poor quality.
13. Amount spent or liability incurred for purchasing assets, goods or rendering services
14. They are the properties owned by the business that will give economic benefit in the future.
15. Person or entity unable to pay his/ its debts.

1. Amount owed by the entity to outsiders.
2. Reduction in price of goods sold or in amount.
3. Person or entity who owes amount to the enterprise against credit sale of goods.
4. Statement of balances of assets and liabilities.
6. Debts not recoverable from debtors.
8. Income earned by the business from its operating activities
9. Decrease in book value of a fixed asset because of its use.
11. Amount or goods withdrawn by the proprietor for personal use.
12. Profit earned during an accounting period.