Across
- 2. Income earned from the sale of goods or services
- 4. equation Assets=Liabilities+Owner's equity
- 6. Claim The legal right to property
- 8. Property or items of value owned by a business are referred to as...
- 14. The person or business that is selling the item on credit
- 15. payable An amount or total that a business owes to a creditor or business
- 16. Money or other property paid out in order to produce profit
- 17. Anything of value that a person or business owns and therefore controls
- 18. When a business buys something on credit, it is also called buying...
Down
- 1. receivable The total amount of money owed to a business, essentially money that is promised to be received later.
- 3. Financial claims to assets are called...
- 5. The creditors claim the assets of the business or "debt"
- 7. When a business earns revenue, the owner will tend to take cash from the business for personal use
- 9. The cost of products or services used to operate a business
- 10. When you buy something and agree to pay for it later, you're buying it on...
- 11. transaction Economic event that causes a change in assets, liabilities, or owner’s equity
- 12. A subdivision under assets, liabilities, or owner's equity
- 13. equity The owner's claims to the assets of their own business are called...