Ch. 1 Vocabulary

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Across
  1. 6. an equation showing the relationship among assets, liabilities, and owner's equity
  2. 7. A record summarizing all information pertaining to a single item in the accounting equation
  3. 10. anything of value that is owned
  4. 14. The account used to summarize the owner's equity in the business.
  5. 15. financial reports that summarize the financial conditions and operations of business
  6. 16. the standards and rules that accountants follow while recording and reporting financial activities
  7. 17. planning, recording, analyzing, and interpreting financial information
  8. 18. the name given to an account
  9. 19. the principles of right and wrong that guide an individual in making decisions
Down
  1. 1. A person or business to whom the liability is owned.
  2. 2. Financial rights to the assets of a business
  3. 3. a business activity that changes assets, liabilities, or owner's equity
  4. 4. The difference between assets and liabilities.
  5. 5. a planned process for providing financial information that will be useful to management
  6. 8. the use of ethics in making business decisions
  7. 9. a business owned by one person
  8. 10. the amount in an account
  9. 11. a formal report that shows what an individual owns, what an individual owes, and the difference between the two
  10. 12. an increase in owner's equity resulting from the operation of a business
  11. 13. A formal written document that describes the nature of a business and how it will operate.