Accounting: Chapters 1-5 Vocab Review

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Across
  1. 3. operate to earn money for their owners
  2. 6. entry on left side of a T Account
  3. 7. income earned from sale of goods or services
  4. 10. used to record information for only one accounting period
  5. 14. creditor's claims to the assets of the business
  6. 17. amount owed to the creditors of a business
  7. 19. owner's claims to the assets of a business
  8. 21. increase side of an account
  9. 23. making contacts with people to share information and advice
  10. 24. Assets = Liabilities + OE
  11. 25. a business owned by two or more persons who operate the business as co-owners
Down
  1. 1. a business owned by one person
  2. 2. the period of time covered by an accounting report
  3. 4. a business that buys raw materials and transforms them into financial products by using labor and machinery
  4. 5. a business that buys finished goods and resells them to individuals or other businesses
  5. 8. total amount of money owned to a business for goods or services
  6. 9. where accounts are grouped together
  7. 11. recognizing and recording revenue on the date earned even if cash is not received
  8. 12. provide clients a variety of accounting services including independent audit
  9. 13. handles a broad range of responsibilities, makes business decisions, and prepares and interprets financial reports
  10. 15. cost of products or services used to operate a business
  11. 16. the set of rules that all accountants use to prepare financial reports
  12. 18. entry on right side of a T Account
  13. 20. principles that you live by and the beliefs that are important to you
  14. 22. amount earned above the amount of expense incurred to keep the business operating