Chapter 1 Vocabulary - Accounting

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Across
  1. 2. Organized summaries of a business's financial activities
  2. 5. An amount owed by a business
  3. 7. The principles of right and wrong that guide an individual in making decisions
  4. 9. Assets = Liabilities + Owner's Equity
  5. 10. A record summarizing all the information pertaining to a single item in the accounting equation
  6. 11. Financial reports that summarize the financial condition and operations of a business
  7. 13. Financial rights to the assets of a business
  8. 14. A planned process for providing financial information that will be useful to management
  9. 16. The amount remaining after the value of all liabilities is subtracted from the value of all assets
  10. 17. The name given to an account
  11. 20. The amount in an account
Down
  1. 1. A business that performs an activity for a fee
  2. 3. Assets taken out of a business for the owner's personal use
  3. 4. A business owned by one person
  4. 6. Planning, recording, analyzing, and interpreting financial information
  5. 8. A decrease in owner's equity resulting from the operation of a business
  6. 10. Anything of value that is owned
  7. 12. A business activity that changes assets, liabilities, or owner's equity
  8. 15. A sale for which cash will be received at a later date (aka a charge sale)
  9. 18. The account used to summarize the owner's equity in a business
  10. 19. An increase in owner's equity resulting from the operation of a business