Accounting Chapters 1&2 Vocabulary Review

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