Accounting Chapter 1

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Across
  1. 4. a record summarizing all the information pertaining to a single item in the accounting equation
  2. 6. reports that summarize the financial condition and operations of a business
  3. 10. business owned by one person
  4. 11. amount remaining after the value of all liabilities are subtracted from the value of all assets
  5. 12. assets taken out of a business for the owner's personal
  6. 15. business that performs an activity for a fee
  7. 16. planning, recording, analyzing and interpreting financial information
  8. 17. sale for which cash will be received at a later date
Down
  1. 1. account used to summarize the owner's equity
  2. 2. name given to an account
  3. 3. principles of right and wrong that guide an individual in making decisions
  4. 5. use of ethics in making business decisions
  5. 7. shows the relationship among assets, liabilities and owner's equity
  6. 8. anything of value that is owned
  7. 9. business activity that changes assets, liabilities or owner's equity
  8. 13. increase in owner's equity resulting from the operation of a business
  9. 14. decrease in owner's equity resulting from the operation of a business
  10. 18. amount owed by a business