Chapter 1 Accounting

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Across
  1. 3. the amount in an account
  2. 7. value of all assets
  3. 9. a planned process for providing financial information that will be useful to management
  4. 10. financial reports that summarize the financial condition and
  5. 12. the account used to summarize the owner’s equity in a business
  6. 15. a business owned by one person
  7. 18. the use of ethics in making business decisions
  8. 19. anything of value that is owned
  9. 20. the name given to an account
  10. 21. a business activity that changes assets, liabilities, or owner’s equity
  11. 23. financial rights to the assets of a business
  12. 24. planning, recording, analyzing, and interpreting financial information
Down
  1. 1. a sale for which cash will be received at a later date
  2. 2. a business that performs an activity for a fee
  3. 4. an increase in owner’s equity resulting from the operation of a business
  4. 5. assets taken out of a business for the owner’s personal use
  5. 6. of a business
  6. 8. the amount remaining after the value of all liabilities is subtracted from
  7. 11. an equation showing the relationship among assets, liabilities, and owner’s equity
  8. 13. the principles of right and wrong that guide an individual in making decisions
  9. 14. a decrease in owner’s equity resulting from the operation of a business
  10. 16. organized summaries of a business’s financial activities
  11. 17. an amount owed by a business
  12. 22. a record summarizing all the information pertaining to a single item in the accounting equation