Accounting 1 Chapter 1 Review

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Across
  1. 4. record summarizing all the information pertaining to a single item in the accounting equation
  2. 5. an amount OWED by a business
  3. 6. the amount remaining after the value of all liabilities is subtracted from the value of all assets
  4. 8. a person or business to whom a liability is owed
  5. 10. a business activity that changes assets, liabilities, or owner's equity
  6. 11. an increase in owner's equity resulting from the operation of a business
  7. 13. account used to summarize the owner's equity in a business
Down
  1. 1. anything of value that is OWNED
  2. 2. the standards and rules that accountants follow while recording and reporting financial activities
  3. 3. a business owned by one person
  4. 6. a decrease in owner's equity resulting from the operation of a business
  5. 7. principles of right and wrong that guide an individual in making decisions
  6. 9. assets taken out of a business for the owner's personal use
  7. 12. planning, recording, analyzing, and interpreting financial information