Chapter 1 terms (Accounting 1)

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Across
  1. 3. a business form giving written acknowledgement for cash recieved
  2. 4. document A business paper from which information is obtained for a journal entry they prove transactions took place.
  3. 6. title The name given to an account.
  4. 7. An increase in owner's equity resulting from the operation of a business
  5. 9. balance The amount in an account.
  6. 11. ethics Refers to a branch of ethical study that examines ethical rules and principles within a commercial context, the various moral or ethical problems that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce
  7. 13. Anything of value that is owned
  8. 14. A system of recording, classifying, and summarizing financial transactions.
  9. 16. equation An equation showing the relationship among assets, liabilities, and owner's equity
  10. 19. A business owned by one person.
  11. 25. The process of recording business transactions in a journal.
  12. 28. A set of moral principles that may be held by a society, a group or an individual.
  13. 30. An amount recorded on the left side of an account.
  14. 31. A business activity that changes assets, liabilities, or owner's equity
  15. 32. A form for recording transactions in chronological order
  16. 33. of accounts A list of accounts used by a business
  17. 34. Information for each transaction recorded in a journal
Down
  1. 1. on account A sale for which cash will be received at a later date
  2. 2. A decrease in owner's equity resulting from the operation of a business.
  3. 5. An entry on the right side of an account.
  4. 6. Planning, recording, analyzing, and interpreting financial information.
  5. 8. balance The side of the account that is increased
  6. 10. An economic system characterized by the private ownership of wealth-creating assets, free markets, and freedom of contract.
  7. 12. business A business that performs an activity for a fee
  8. 15. Assets taken out of a business for the owner's personal use
  9. 17. stub a business form that orders a bank to pay cash from a bank account. it contains the date,amount,the name of the payee to whom the check was written and what the check purchased. the check stub is the record of the information on a check and shows the balance of the account
  10. 18. accounting The recording of debit and credit parts of a transaction
  11. 20. contains the date of the transaction, quantity, description, and cost of each item and payment terms.
  12. 21. invoice a source document prepared by the seller that lists the items shipped, their cost and the method of shipment (from the seller's viewpoint).
  13. 22. A form on which a brief message is written describing a transaction
  14. 23. An amount owed by a business
  15. 24. statements Financial reports that summarize the financial condition and operations of a business
  16. 26. journal A journal with two amount columns in which all kinds of entries can be recorded
  17. 27. Financial rights to the assets of a business
  18. 29. equity The amount remaining after the value of all liabilities is subtracted from the value of all assets
  19. 31. An accounting device used to analyze transactions