Accounting Chapter 1 - Vocab Review (TJ)

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