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=Crossword Terms= Appraised value/the estimated value of a property used as security for a loan. Arrears/the amount of money that has not been paid by its due date Assets/property, money or goods you own from which a benefit can derive. At call/money which can be withdrawn from an account immediately. Attribution/rules which determine when a GST liability or an input tax credit entitlement arises in respect of a supply. Balance sheet/an enterprise's statement of its assets, liabilities and net equity Bank/a financial institution authorised under the 1959 Banking Act which offers a variety of financial products and services. Bank cheque/a cheque that is drawn by a bank rather than by a customer and can be purchased for cash and a small fee. Bankruptcy/a legal process affecting individuals who are unable to pay their debts. The person gives control of most of their debts and assets to a bankruptcy trustee who then decides which assets (if any) can be sold to pay off the debts. BAS/used by businesses to report their tax entitlements and obligations, including the amount of GST they have received and paid. Acronym of 3 words Beneficiary/an individual or organisation that is entitled to receive the benefits generated by an asset which is legally registered in the name of another party, such as a trustee. Bond/a document recording a loan for a fixed period of time at a fixed rate if interest. Borrower/a person who has borrowed money from a bank or other lender. Also called a debtor. Bridging loan/a short-term loan that plugs the financial gap between buying a new property and selling an old one. Building society/a financial services organisation which provides services similar to a bank but owned by its members. Capital/the value of assets such as a house, property and business. Also used to mean owner's equity. Capital gain/the amount you make in profit when you sell an asset for more than you paid for it. Also known as Capital Growth. Cash/money in the form of notes and coins. Also used for assets that can be very quickly converted to money. Cheque/a written direction from one person (the drawer) to a bank to pay a sum of money to the person or organisation named the payee). Cheque account/an account which offers access to your money by writing cheques. If you do not have enough money in your account the cheque may not be paid and you may be charged fees. Co-borrower/an individual who borrows money jointly with you. Each individual is jointly and separately responsible for the repayment of the loan. Therefore, if one person does not pay the other person will be required to pay the full amount of the loan. Compound interest/interest that is paid on accumulated interest as well as on the original principal. Contract/a legally enforceable agreement. Credit/money that a lender gives a borrower based upon a promise to pay it back in the future. A person usually has to pay interest on the borrowed money plus fees and charges in addition to the principal payment. Credit report/a report by an authorised credit reporting agency which details your credit history. A lender needs permission from you to obtain this. Also known as a Credit Reference. Creditor/someone who is owed money.

accounting/communicating financial information about a business entity to users such as shareholders and managers. Accountancy/profession engaged in financial reporting manager/one who might find financial reports useful lender/one who issues debt creditor/one who enters into debt subprime/kind of loan that triggered financial crisis in the USA prime/loan with a good chance of repayment debit/DR credit/CR debitsandcredits/must always balance transactionanalysistable/used to track transactions and ensure that transactions are balanced contract/usually entered into when a loan is issued Doubleentry/bookkeeping system in which there is a debit and credit entry for each transaction Management accounting/a branch of accounting performed within an organization to provide information to its decision-makers ratio analysis/calculations that use financial data to make judgements about the financial performance of a business Tax accounting/the accounting needed to comply with tax regulations auditor/person who examines financial statements and accounting records and expresses a professional opinion as to their truth, fairness and adherence to generally accepted accounting principles Financial statements/main source of information about a business's financial state Income statement/referred to as Profit and Loss statement Balance sheet/also referred to as statement of financial position or condition, reports on assets, liabilities, and net equity comparable/Financial statements should be understandable, relevant, reliable and __. Owners/require financial statements to make important business decisions that affect their investment ownersequity/value of shareholdings in the business liabilities/debts owed by the business assets/things of value inventory/goods that are an asset of the business receivables/money owed to the business for goods/services already provided payables/money the business must pay for goods/services already provided bankloan/money from a bank, to be repaid with interest mortgage/loan secured by property credit card/convenient source of credit for daily purchases petty cash/small amounts of cash issued to employees for business needs bankruptcy/state in which business or person is unable to pay their debts expenses/are always DR credits/are always CR ALORE/assets, liabilities, owners' equity, revenue and expenses governments/these are not businesses, but still use financial reports annual report/source of financial and other information about a business Australian Securities Exchange/ASX