Acct 1-2 Study Guide 1 & 2

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Across
  1. 3. An amount recorded on the left side of a T account
  2. 4. An amount owed by a business
  3. 8. The account used to summarize the owner's equity in a business
  4. 9. The principles of right and wrong that guide an individual in making decisions
  5. 10. An amount recorded on the right side of a T account
  6. 11. Assets taken out of business for the owner's personal use
  7. 12. A decrease in owner's equity resulting from the operation of a business
Down
  1. 1. A business owned by one person
  2. 2. Financial rights to the assets of a business
  3. 5. Anything of value that is owned
  4. 6. A business activity that changes assets, liabilities, or owner's equity
  5. 7. An increase in owner's equity resulting from the operation of a business