Chapter 1 - The Accounting Equation

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Across
  1. 3. providing a product or service to a customer results in this
  2. 6. the most liquid asset a business can have
  3. 8. costs associated with preparing an asset for it's intended use; the value assigned to the asset
  4. 9. a creditor or supplier has a claim against certain assets regarding this account
  5. 11. the ownership of assets to those in the business as well as investors
  6. 13. an asset that lacks physical substance
Down
  1. 1. an asset long-term in nature; expected to last more than one year
  2. 2. a principle on how business transactions are recorded; hint: dollar value
  3. 4. anything that will provide a future economic benefit
  4. 5. a record maintained for each category of an asset, liability, or equity
  5. 7. a system that organizes, maintains, records, and analyzes financial activities
  6. 10. a concept where personal assets are separated from those that are owned by the business
  7. 11. the consumption of resources; the necessary evil needed in business
  8. 12. the information gathered by the accountant; affects what a business owns or owe