Accounting CH 1-2

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Across
  1. 2. a planned process for providing financial information useful to management
  2. 4. a liability account used to track money a business owes to others
  3. 5. a way to buy items and pay for them at a future date
  4. 7. an accounting device used to analyze transactions
  5. 10. the account used to summarize owners equity
  6. 14. a business owned by one person
  7. 15. an amount recorded on the left side of a T account
  8. 16. assets taken out of the business for owners personal use
  9. 19. a business activity that changes assets, liabilities, or owners equity
  10. 21. a decrease in owners equity from the operation of a business
  11. 23. the side of the T account that is increased
  12. 24. an increase in owners equity from the operation of a business
Down
  1. 1. a business that performs an activity for a fee
  2. 3. an amount recorded on the right side of a T account
  3. 6. an amount owed by a business
  4. 8. a list of accounts used by a business
  5. 9. financial reports that summarize the financial condition of a business
  6. 11. anything of value that is owned
  7. 12. financial rights to the assets of a business
  8. 13. an asset account used to track money owed to a business
  9. 17. the amount of money in an account
  10. 18. any organization formed to conduct business
  11. 20. planning, recording, analyzing and interpreting financial information
  12. 22. a record summarizing all the information pertaining to a single item in the accounting equation