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