Chapter 1 - Changes the Affect the Accounting Equation

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Across
  1. 1. a sale for which payment will be received at a later date
  2. 4. reports that summarize financial condition and operations of a business
  3. 6. a person or business to whom liability is owed
  4. 7. process of planning recording and interpreting financial information
  5. 9. anything of value that is owned
  6. 11. cost of goods or services used to operate a business
  7. 13. amount remaining after the value of all liabilities is subtracted from the value of all assets
Down
  1. 2. planned process designed to compile data and summarize results in records and reports
  2. 3. assets taken from a business for owner's personal use
  3. 5. financial rights to the assets of a business
  4. 8. amount owed
  5. 10. increase in equity resulting from the sale of good or services
  6. 12. difference between assets and liabilities