Across
- 3. What are the creditor's claims to the assets of a business called (1 word)
- 4. Property or items that are of value owned by a business are called (1 word)
- 5. An economic event that causes a change that can either be an increase or decrease in assets, owner's equity, and liabilities is called (2 words)
- 9. When you buy something and agree to pay it later is called (1 word)
- 10. The amount owed or that is payable to creditors of other businesses and is the liability account is called (2 words)
- 11. Land owned by a business/person is called (1 word)
- 13. When a business buys an item on credit (2 words)
- 14. The business or person selling an item is called (1 word)
- 15. If the owner takes cash out or other assets from the business for personal use it's called (1 word)
- 17. Income earned from a sale of goods or services is called (1 word)
Down
- 1. What is the accounting term for financial claims for assets (1 word)
- 2. The legal right to a property is called (2 words)
- 6. What's it called for the owner's claim to the assets of a business (2 words)
- 7. The total amount of money owed to a business/money that can be received later and is considered an asset (2 words)
- 8. Money or other property paid out in order to produce profit is (1 word)
- 10. A subdivision under liabilities, assets, and owner's equity. This can also show the balance of items and shows records of increases or decreases of that item (1 word)
- 12. The word for: assets = liabilities + owner's equity (2 words)
- 16. The cost of products or services used to operate a business is called (1 word)