Chapter 2 Accounting Review

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Across
  1. 5. After each transaction, the accounting equation must remain in b___________.
  2. 7. Owner's equity is oftentimes written as Owner Name, C__________.
  3. 9. To find o___________, subtract liabilities from assets.
  4. 10. Ben Furman is sole proprietor of a business that performs an activity for a fee, which is known as a s___________; he owns and operates a carpet cleaning business.
  5. 12. The accounting concept applied when business transactions are stated in numbers that have common values is known as unit of m___________.
  6. 13. A business has 2 types of ___________: (1) Money that is owed, also known as liabilities and (2) that of the owner.
Down
  1. 1. Ben Furman is sole ___________ of his business; he is the owner and operator.
  2. 2. An amount owed by a business is a l___________.
  3. 3. Keeping your personal records separate from your business records is a concept known as separate e___________.
  4. 4. This helps us "organize" business transactions; it contains debits on the left and credits on the right.
  5. 6. Planning, recording, analyzing and interpreting information to help make decisions is known as a___________.
  6. 8. A t___________ is a business activity that changes assets, liabilities and/or owner's equity accounts.
  7. 11. The accounting e___________ is Assets = Liabilities + Owner's Equity.