BAT Ch 1 & Ch 2 Review

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Across
  1. 3. __________ accounting equation
  2. 7. an economic event that is recorded in the accounting records because it changes the financial position of the organization
  3. 9. a business organized as a separate legal entity
  4. 10. a small business owned by one person
  5. 12. the increase in assets, or decrease in liabilities, that result from business activities that are done to earn profit
  6. 14. resources owned that are expected to provide future benefit
  7. 15. the type of liability when a business owner is personally responsible for business debts
  8. 16. withdrawals of assets for the owner's personal use
Down
  1. 1. current obligations to make future payments of assets or services
  2. 2. _______ revenue, created when a customer pays in advance of being provide a service or product
  3. 4. the information system that identifies, records, and communicates the economic events of an organization
  4. 5. the set of accounting standards that indicate how to report economic events
  5. 6. the cost of assets consumed or services used in a company's business activities
  6. 8. the amount by which expenses are greater than revenues
  7. 11. an association of two or more persons to carry on as co-owners
  8. 13. all of the people or entities a company owes money to