BAT Ch 1 & Ch 2 Review

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Across
  1. 2. the right side of an account
  2. 6. the set of accounting standards that indicate how to report economic events
  3. 7. current obligations to make future payments of assets or services
  4. 10. the account debited when a customer makes a payment on account
  5. 11. the type of journal entry that affects three or more accounts
  6. 15. the left side of an account
  7. 18. a record of increases and decreases in a specific asset, liability, or OE item; often represented by a T
  8. 21. (2 words) the account debited when a sale is made on account
  9. 23. the information system that identifies, records, and communicates the economic events of an organization
  10. 24. the amount by which expenses are greater than revenues
  11. 25. __________ accounting equation
  12. 26. an economic event that is recorded in the accounting records because it changes the financial position of the organization
  13. 28. all of the people or entities a company owes money to
  14. 29. the account credited when an owner invests additional money in the business
  15. 30. an association of two or more persons to carry on as co-owners
  16. 31. the book of original entry, where transactions are recorded
  17. 32. _____ expense; the account created when a business pays cash for costs incurred in advance of being used or consumed
  18. 33. a collection of all business accounts
  19. 34. (abbrev.) a financial statement that summarizes the changes in owner's equity for a specific period of time
Down
  1. 1. a small business owned by one person
  2. 3. (2 words) the owner's claim on the assets of the company
  3. 4. (2 words) created at the end of a fiscal period to help verify the accuracy of the ledger
  4. 5. (2 words) the principle that only transactions that can be expressed as an amount of money may be included in the records
  5. 8. a business organized as a separate legal entity
  6. 9. the word describing the period of time over which the accounting cycle is completed
  7. 12. the procedure of transferring journal entries to the ledger
  8. 13. the type of liability when a business owner is personally responsible for business debts
  9. 14. withdrawals of assets for the owner's personal use
  10. 16. the cost of assets consumed or services used in a company's business activities
  11. 17. a word that describes the nature of accounting activities
  12. 19. _______ revenue, created when a customer pays in advance of being provide a service or product
  13. 20. the increase in assets, or decrease in liabilities, that result from business activities that are done to earn profit
  14. 22. resources owned that are expected to provide future benefit
  15. 27. (2 words) the account credited when a purchase is made on account
  16. 30. the amount by which revenues are greater than expenses