Across
- 5. An amount recorded on the right side of an account.
- 6. An amount paid for the use of money for a period of time.
- 7. Account, An account used to summarize the owner’s equity in a business. (2 words)
- 9. The process of planning, recording, analyzing, and interpreting financial information.
- 11. Equation, An equation showing the relationship among assets, liabilities, and owner’s equity. (2 words)
- 13. Assets taken from the business for the owner’s personal use.
- 16. The principles of right and wrong that guide an individual in making decisions.
- 17. A business owned by one person.
- 20. Anything of value that is owned.
- 21. A record that summarizes all the transactions pertaining to a single item in the accounting equation.
- 22. An amount recorded on the left side of an account.
- 23. An increase in equity resulting from the sale of goods or services.
Down
- 1. Any business activity that changes assets, liabilities, or owner’s equity
- 2. A person or business to whom a liability is owed.
- 3. Business, A business that performs an activity for a fee. (2 words)
- 4. Statements, Financial reports that summarize the financial condition and operations of a business. (2 words)
- 8. An amount owed.
- 10. Title, The name given to an account. (2 words)
- 12. Equity, The amount remaining after the value of all liabilities is subtracted from the value of all assets. (2 words)
- 14. Balance, The difference between the increases and decreases in an account. (2 words)
- 15. The cost of goods or services used to operate a business.
- 18. Generally accepted accounting principles. The standards and rules that accountants follow while recording and reporting financial activities. (abbreviation)
- 19. on Account, A sale for which payment will be received at a later date. (3 words)
- 24. The difference between assets and liabilities.
- 25. Balance, The side of an account that is increased is called the normal balance of the account. (2 words)