Chapter 1

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Across
  1. 2. A business activity that involves the exchange of goods, services, or money between two people or a person and a company.
  2. 3. Any money you owe to someone or something.
  3. 5. A cost that a business incurs in order to generate revenue.
  4. 7. The value of an asset after deducting the amount owed on it, also represents the net worth of an individual or business.
  5. 8. A type of financial instrument that represents ownership in a company.
  6. 10. 1
  7. 13. Statements- Reports that summarize a company’s financial transactions and provide information about tis financial position, performance, and cash flows.
  8. 15. on account-A type of transaction in which a customer purchases good or services from a business, but does not pay for them at the time of the purchases.
  9. 17. A person or entity that is owed money by another person or entity.
  10. 18. Equity- The residual interest in the assets of a business after liabilities are deducted.
  11. 19. worth statement- A financial statement that shows an individuals or business assets, liabilities, and net worth at a specific point in time. It is calculated by subtracting total liabilities from total assets.
  12. 21. The process of taking money out of a business for personal use.
  13. 24. Title- A name given to a specific account to identify the transactions recorded in that account.
  14. 25. Set of accounting standards and guidelines used to prepare and present financial statements.
  15. 27. Total amount of money that a business earns from the sale of foods or services during a specific period of time.
Down
  1. 1. The principles and values that guide the behavior of accounting professionals.
  2. 4. Business- A type of business that provides intangible produces or services to customers who pay for it.
  3. 6. plan- A written document that outlines the goals, strategies, and operations of a business.
  4. 9. A record that tracks the financial transactions of a business.
  5. 10. Account- Record of the total amount of money that a business owner or owners have invested in a business.
  6. 11. The process of recording, summarizing, analyzing, and reporting financial transactions of a business or individual.
  7. 12. Ethics- The principles and values that guide the behavior of businesses and organizations.
  8. 14. system- A set of procedures and controls that a business uses to record, summarize and report its financial transactions. It includes the software, hardware, and personnel that are involved in the accounting process.
  9. 16. Net Worth statement- A financial statement that shows an individual’s assets, liabilities, and net worth at a specific point in time.
  10. 20. A type of business ownership where a single individual owns and operates the business.
  11. 22. Anything that you buy and you legally own.
  12. 23. Balance- The total amount of money in a specific account given at a point in time.
  13. 26. Equation- Owners Equity= Liabilities + Assets