Chapter 1: Starting a Proprietorship: Changes That Affect the Accounting Equation

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Across
  1. 4. An increase in equity resulting from the sale of goods or services.
  2. 8. The name given to an account.
  3. 9. An amount owed.
  4. 10. A formal written document that describes that nature of a business and how it will operate.
  5. 12. A record that summarizes all the transactions pertaining to a single item in the accounting equation.
  6. 14. A business owned by one person.
  7. 16. The process of planning, recording, analyzing, and interpreting financial information.
  8. 17. A person or business to whom a liability is owed.
  9. 19. The difference between assets and liabilities.
  10. 20. Anything of value that is owned.
Down
  1. 1. A business that performs an activity for a fee.
  2. 2. Any business activity that changes assets, liabilities, or owner’s equity.
  3. 3. An amount paid for the use of money for a period of time.
  4. 5. The difference between the increases and decreases in an amount.
  5. 6. Financial rights to the assets of a business.
  6. 7. The principles of right and wrong that guide an individual in making decisions.
  7. 11. Someone who owns, operates, and takes the risk of a business venture.
  8. 13. An account used to summarize the owner’s equity in a business.
  9. 15. Assets taken from the business for the owner’s personal use.
  10. 18. The cost of goods or services used to operate a business.