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