Accounting 1-2 Terms

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Across
  1. 2. An account used to summarize the owner's equity in a business
  2. 7. A record that summarizes all the transactions pertaining to a single item in the accounting equation
  3. 9. Assets=Liabilities+Owner's Equity
  4. 11. A person or business to whom a liability is owed
  5. 12. Helps insure that all companies follow the same set of guidelines when reporting financial statements
  6. 13. Financial rights to the assets of a business
Down
  1. 1. The differences between the increases and decreases in an account
  2. 3. A business that performs an activity for a fee
  3. 4. A business owned by one person
  4. 5. Any business activity that changes assets, liabilities, or owner's equity
  5. 6. The name given to an account
  6. 8. The amount remaining after the value of all liabilities is subtracted from the value of all assets
  7. 10. A formal written document that describes the nature of a business and how it will operate