Across
- 2. the amount remaining after the value of all liabilities is subtracted from the value of all assets (two words)
- 6. the standards and rules that accountants follow while recording and reporting financial activities
- 8. a formal written document that describes the nature of a business and how it will operate (two words)
- 10. the principles of right and wrong that guide an individual in making decisions
- 12. the difference between personal assets and liabilities (2 words)
- 15. a record that summarizes all the transactions pertaining to a single item in the accounting equation
- 17. the process of planning, recording, analyzing and interpreting financial information
- 19. assets taken from the business for the owner's personal use
- 20. a formal report that shows what an individual owns, owes, and the difference between the two (3 words)
- 21. an account used to summarize the owner's equity in a business
Down
- 1. reports that summarize the financial condition and operations of a business (2 words, plural)
- 3. an increase in equity resulting from the sale of goods or services
- 4. financial rights to the assets of a business (plural)
- 5. any business activity that changes assets, liabilities or owner's equity
- 7. a business owned by one person
- 9. anything of value that is owned
- 11. an amount owed
- 13. the cost of goods or services used to operate a business
- 14. the difference between the increase and decrease in an account
- 16. a sale for which payment will be received at a later date (3 words)
- 18. a person or business to whom a liability is owed