Chapter 1 Starting a Propritorship

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Across
  1. 1. statements, Financial reports that summarize the financial condition and operations of a business
  2. 3. balance, The difference between the increases and decreases in an account
  3. 4. A business owned by one person
  4. 5. Equation, An equation showing the relationship among assets, liabilities, and owner’s equity
  5. 10. Title,The name givin to an account
  6. 11. plan, A formal written document that describes the nature of a business and how it will operate
  7. 13. A person or business to whom a liability is owed
  8. 16. The principles of right and wrong that guide an individual in making decisions
  9. 18. anything of value that is owned
  10. 19. Generally accepted accounting principles. The standards and rules that accountants follow while recording and reporting financial activities.
  11. 20. net worth, The difference between personal assets and personal liabilities
  12. 22. An amount owed
  13. 23. The process of planning, recording, analyzing, and interpreting financial information
  14. 24. Ethics, The use of ethics in making business decisions
  15. 25. The difference between assets and liabilities
Down
  1. 2. system, A planned process designed to compile financial data and summarize the results in accounting records and reports
  2. 6. Any business activity that changes assets, liabilities, or owner’s equity
  3. 7. Equity, The amount remaining after the value of all liabilities is subtracted from the value of all assets
  4. 8. Account, An account used to summarize the owner’s equity in a business
  5. 9. An amount paid for the use of money for a period of time
  6. 12. worth statement, A formal report that shows what an individual owns, what an individual owes, and the difference between the two
  7. 14. Financial rights to the assets of a business.
  8. 15. business, A business that performs an activity for a fee
  9. 17. Interests, Interest paid on an original amount deposited in a bank plus any interest that has been paid
  10. 21. A record that summarizes all the transactions pertaining to a single item in the accounting equation