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You are watching: A liability created by buying goods or services

Transcribed picture text: accountancy Terms: back to Basics across Down 1. A liability developed by buying commodities or solutions on credit transaction 2. Net sales minus price of goods sold 6. Inflows of legacy in exchange for products and services noted to customers as 3. Obligations due to be payment or worked out within the much longer of one year of the across Down 1. A liability created by buying products or services on credit transaction 2. Net sales minus price of items sold 6. Inflows of assets in exchange because that products and also services noted to customers as 3. Obligations as result of be payment or worked out within the much longer of one year of the part of a company's work 9. An entry that increases asset and also expense accounts, and also decreases tability, operation cycle 4. Income statement, balance sheet, statement of alters in owner's equity, and equity advertisement revenue account statement of cash operation 12. Protection that represents property in a corporation; holders exercise manage 5. Wake up when expenses exceed earnings by electing a board of directors and also voting on corporate plan 7. Egunis a corporation's collected net income (tos) for every prior durations that 14. Explains the sources and uses the cash because that a reporting period has not been distributed to shareholders 17. Calculation of lot to be recovered at the end of one asset's advantageous life 8. An asset developed by selling assets or services on credit transaction 19. Length of time an asset will certainly be productively provided in the work of a 10. Process of allocation the expense of an intangible asset to price over its company estimated beneficial life 20. Price created by allocation the expense of plant and also equipment to periods in 11. Entity created by law and also separate native its owners which they room used; represents the cost of making use of an legacy 13. Method to assign cost to inventory the assumes item are offered in the stimulate 23. Newspaper entry in ~ the finish of one accounting period to lug an asset or liability got account to its suitable amount and update the related expense or revenue account 15. Goods a company owns and also expects to offer in its regular operations 24. Amount by which a company's worth exceeds the value of its separation, personal, instance assets 16. Course of ownership in a corporation that has actually a greater claim top top its assets and also and liabilities income than common stock 25. Sources owned or regulated by a firm that carry out expected future 18. Record within an accounting system whereby increases and decreases in a services to the company specific asset, liability, equity, revenue, or cost are entered and stored 26. Customers and also other individuals and also organizations who owe a agency 21.

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Fee for making use of money until repaid at a future day 22. Full cost of an asset less its collected depreciation