Unit 1 Accounting Terms

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Across
  1. 4. Same set rules to prepare financial statements Generally Accepted Accounting Principles
  2. 7. When you buy something and agree to pay for it later
  3. 9. Designed to collect, document, and report on financial transactions affecting the business.
  4. 12. When a business buys an item on credit
  5. 13. Assets equals Liabilities plus Owner's Equity
  6. 15. Income earned from sales of goods or services
  7. 16. A period of time covered by an accounting report
  8. 17. Is a subdivision under assets, liabilities or owner's equity
  9. 18. Property or items of value owned by a business
  10. 19. The costs of products or services used to operate a business.
Down
  1. 1. The creditor's claims to the assets of the business
  2. 2. The business or person selling you the item on credit.
  3. 3. The owner's claims to the assets of the business
  4. 5. The amount owed, or payable, to the creditors of a business.
  5. 6. Total amount of money owed to a business - money to be received later
  6. 8. Business that spend more money than they take in are operating at a ____
  7. 10. The accounting term for financial claims to assets
  8. 11. A list of all of accounts that a business used
  9. 14. The business has the ability to survive and operate indefinitely.