Accounting Chapter 1

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Across
  1. 3. the account used to summarize the owner's equity in the business
  2. 5. a sale for which cash will be received at a later date
  3. 10. a formal report that shows what an individual owns, what an individual owes, and the difference between the two
  4. 12. financial rights to the assets of a business
  5. 13. the owner's claims to the assets of a business
  6. 15. planning, recording, analyzing, and interpreting financial information
Down
  1. 1. an amount owed by a business
  2. 2. assets taken out of the business for the owner's personal use
  3. 4. an equation showing the relationship among assets, liabilities, and owner's equity
  4. 6. a person or business to whom a liability is owed
  5. 7. a business activity that changes assets, liabilities, or owner's equity
  6. 8. anything of value that is owned
  7. 9. a decrease in owner's equity resulting from the operating of a business
  8. 11. a record summarizing all information pertaining to a single item in the accounting equation
  9. 14. an increase in owner's equity resulting from the operation of a business