Chapter 1 Vocab Review

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Across
  1. 3. Any business activity that changes assets, liabilities or owner's equity
  2. 5. This term means "Generally Accepted Accounting Principals"
  3. 7. A record that summarizes all the transactions pertaining to a single item in the accounting equation
  4. 9. on account a sale for which payment will be received at a later date
  5. 12. account an account used to summarize the owners equity in a business
  6. 13. Financial reports that summarize the financial condition and operation of a business
  7. 14. The principals of right and wrong that guide an individual in making decisions
  8. 15. The difference between assets and liabilities
  9. 16. Anything of value that is owned
  10. 18. A person or business to whom a liability is owed
  11. 19. an increase in equity resulting from a sale of goods
Down
  1. 1. A business owned by one person
  2. 2. balance The difference between the increase and decrease in an account
  3. 4. A formal report that shows what an individual owns, owes, and the difference between the two
  4. 6. Assets = Liabilities + Equity
  5. 8. An amount owed
  6. 10. assets taken from the business for the owners personal use
  7. 11. The process of planning, recording, analyzing, and interpreting financial information.
  8. 17. the cost of goods or services used to operate a business