Chapters 1 & 2 Accounting Vocab

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Across
  1. 4. Summarizing all the information pertaining to a single item in the accounting equation
  2. 5. Anything of value that is owned
  3. 11. List of accounts used by a business
  4. 12. Increase in owners’ equity from the operation of a business
  5. 14. Equation showing the relationship among assets, liabilities, and owner’s equity
  6. 15. Amount recorded on the left side
  7. 17. Account used to summarize the owner’s equity
  8. 18. Side of the account that is increased
  9. 20. Business that is owned by one person
  10. 21. Financial rights to the assets of a business
  11. 22. Accounting device used to analyze transactions
  12. 24. Sale for which cash will be received at a later date
  13. 27. Financial reports that summarize the financial condition and operations of a business
Down
  1. 1. Amount owed by a business
  2. 2. Assets taken out of a business for the owner’s personal use
  3. 3. Decrease in owner's equity resulting from the operation of a business
  4. 6. Performs an activity for a fee
  5. 7. Organized summaries of a business’s financial activities
  6. 8. Amount that is in an account
  7. 9. Amount recorded on the right side
  8. 10. Name given to an account
  9. 13. Planning, recording, analyzing, and interpreting financial information
  10. 16. Principles of right and wrong that guide an individual in making decisions
  11. 19. Planned process for providing financial information that will be useful to management
  12. 23. Use of ethics in making business decisions
  13. 25. Amount remaining after the value of all liabilities is subtracted from the value of all assets
  14. 26. Business activity that changes assets, liabilities, or owners’ equity