Accounting Midterm Review

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Across
  1. 5. any business activity that changes assets, liabilities, or owner's equity
  2. 6. a business form giving written acknowledgement of cash received
  3. 10. determining that the amount of cash agrees with the accounting records
  4. 11. a business form ordering a bank to pay cash from a bank account
  5. 13. an amount owed
  6. 14. an amount recorded on the left side of an account
  7. 15. an account used to summarize the owner's equity in a business
  8. 19. equation showing the relationship between assets, liabilities, and owner's equity
  9. 22. the difference between the increases and decreases in an account
  10. 24. a form describing the goods or services sold, the quantity, the price, and the terms of sale
  11. 25. a business owned by one person
  12. 26. a business paper from which information is obtained for a journal entry
  13. 29. an invoice used as a source document for recording sales on account
  14. 30. a record that summarizes all the transactions pertaining to a single item in the accounting equation
  15. 32. the difference between assets and liabilities
Down
  1. 1. the amount remaining after the value of all liabilities is subtracted from the value of all assets
  2. 2. the use of ethics in making business decisions
  3. 3. a sale for which payment will be received at a later date
  4. 4. assets taken from the business for the owner's personal use
  5. 7. an accounting device used to analyze transactions
  6. 8. the side of an account that is increased is called the normal balance of an account
  7. 9. the recording of debit and credit parts of a transaction
  8. 12. an amount recorded on the right side of an account
  9. 16. the process of planning, recording, analyzing, and interpreting financial information
  10. 17. anything of value that is owned
  11. 18. amounts to be paid in the future for goods or services already acquired
  12. 20. the cost of goods or services used to operate a business
  13. 21. Generally Accepted Accounting Principles, the standards and rules that accountants follow while recording and reporting financial activities
  14. 23. a form for recording transactions in chronological order
  15. 27. a form on which a brief message is written to describe a transaction
  16. 28. an increase in equity resulting from the sale of goods or services
  17. 31. a person or business to whom a liability is owed