Accounting Chapter 1 Terms

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Across
  1. 2. A record that summarizes all the transactions pertaining to a single item in the accounting equation.
  2. 4. The process of planning, recording, analyzing, and interpreting financial information.
  3. 7. Anything of value that is owned.
  4. 8. An amount owed.
  5. 9. An increase in equity resulting from the sale of goods or services.
  6. 11. An amount paid for the use of money for a period of time.
  7. 13. The cost of goods or services used to operate a business.
  8. 14. An equation showing the relationship among assets, liabilities, and owner’s equity.
  9. 15. Assets taken from the business for the owner’s personal use.
Down
  1. 1. The language of business
  2. 3. Any business activity that changes assets, liabilities, or owner’s equity.
  3. 5. A person or business to whom a liability is owed.
  4. 6. Generally Accepted Accounting Principles. The standards and rules that accountants follow while recording and reporting financial activities.
  5. 10. The amount remaining after the value of all liabilities is subtracted from the value of all assets.
  6. 12. Someone who owns, operates, and takes the risk of a business venture.