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ACC IG Defenitions L - P

Across
Goods returned after being purchased
Working capital or current assets min current liabilities
The source document for each petty cash payment.
A company whose shares are not available to the general public.
Amounts owed by a business to other businesses.
Term used in the statement of financial position for accrued expenses and prepaid income.
The accounting principle that requires that where there is doubt, asset and profit values are understated rather than overstated.
Goods unsold at the beginning of the year.
Down
A company whose shares are available to the general public.
Assets that should be of benefit to the business for longer than a year.
The difference between the business' income and expenditure
Book in which all financial accounts are kept
Small cash payments.
The payment of an expense in advance of the accounting year to which it relates
A form of business ownership where two or more individuals work together with the intention of making profit