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