Chapter 1 Vocab

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Across
  1. 3. A record that summarizes all the transactions pertaining to a single item in the accounting equation
  2. 5. The standard and rules that accountants follow whole recording and reporting financial activities are commonly refers to as generally accepted account principles
  3. 6. The amount of value of all liabilities is subtracted from the value of all assets
  4. 8. is the process of planning, recording, analyzing, and interpreting
  5. 11. The use of ethics in making business decisions
  6. 13. An account used to summarize the owners equity in a business
  7. 14. is a business owed by one person
  8. 15. The cost of goods or services used to operate a business
  9. 18. A person or business to whom a liability is owed
  10. 20. An increase in equity resulting from the sale of goos or services
  11. 21. Accountants call any business activity that changes assets, liabilities, or owners equity
  12. 22. The equation showing the relationship among assets, liabilities, and owners equity
  13. 23. Assets taken from the business for the owners personal use
  14. 25. Financial rights to the assets of a business
  15. 26. A sale which payment will be received at a later date
  16. 27. is a planned process designed to compile financial data and summarize the results in accounting records and reports
Down
  1. 1. An amount owed
  2. 2. The difference between the increase and decreases in an account
  3. 4. A formal report that shows what an individual owns, what an individual owes, and the difference between the two
  4. 7. The name given to an account
  5. 9. The principles of right and wrong that guide an individual in making decisions
  6. 10. The difference between personal assets and personal liabilities
  7. 12. a business that preforms an activity for a fee
  8. 16. is defined as the difference between assets and liabilities
  9. 17. financial reports that summarize the financial condition and operations of a business
  10. 19. is a formal written document that describes the nature of a business and how it will operate
  11. 24. Anything of value that is owned