Accounting 1 Chapter 1 Terms

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Across
  1. 2. The _______ Account is an account used to summarize the owner's equity in a business. (p. 14)
  2. 3. A person or business to whom a liability is owed. (p. 16)
  3. 5. ________ Net Worth is the difference between personal assets and personal liabilities. (p. 7)
  4. 7. ________ Equity is the amount remaining after the value of all liabilities is subtracted from the value of all assets. (p. 13)
  5. 8. Assets taken from the business for the owner's personal use (p. 20)
  6. 10. The Account ________ is the difference between the increases and decreases in an account. (p. 14)
  7. 13. The principles of right and wrong that guide an individual in making decisions. (p. 8)
  8. 18. The __________ Equation is an equation showing the relationship among assets, liabilities, and owner's equity. (p. 13)
  9. 20. Financial rights to the assets of a business. (p. 13)
  10. 21. A___________ Business is a business that performs an activity for a fee. (p. 10)
  11. 22. A Net ________ Statement is formal report that shows what an individual owns, what an individual owes, and the difference between the two. (p. 7)
  12. 23. A ________ on Account is a sale for which payment will be received at a later date. (p. 18)
  13. 25. The cost of goods or services used to operate a business. (p. 19)
  14. 26. The difference between assets and liabilities. (p. 7)
Down
  1. 1. A business owned by one person. (p. 10)
  2. 4. Any business activity that changes assets, liabilities, or owner's equity. (p. 14)
  3. 6. Anything of value that is owned. (p. 7)
  4. 9. Generally Accepted Accounting Principles. The standards and rules that accountants follow while recording and reporting financial activities. (p. 11)
  5. 10. _______ ethics is the use of ethics in making business decisions. (p. 8)
  6. 11. Business _______ is a formal written document that describes the nature of a business and how it will operate. (p. 10)
  7. 12. The process of planning, recording, analyzing, and interpreting financial information. (p. 6)
  8. 14. The Account ________ is the name given to an account. (p. 14)
  9. 15. Financial __________ are Financial reports that summarize the financial condition and operations of a business. (p. 6)
  10. 16. An amount owed. (p. 7)
  11. 17. An Accounting ________ is a planned process designed to compile financial data and summarize the results in accounting records and reports. (p. 6)
  12. 19. An increase in equity resulting from the sale of goods or services. (p. 18)
  13. 24. A record that summarizes all the transactions pertaining to a single item in the accounting equation. (p. 14)