Accounting Lesson 1 Crossword Puzzle

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Across
  1. 5. A record that summarizes all the transactions pertaining to a single item in the accounting equation.
  2. 7. Assets taken from the business for the owner’s personal use.
  3. 8. The difference between the increases and decreases in an account.
  4. 11. Interest paid on an original amount deposited in a bank plus any interest that has been paid.
  5. 12. Any business activity that changes assets, liabilities, or owner’s equity.
  6. 13. A person or business to whom a liability is owed.
  7. 18. A business that performs an activity for a fee.
  8. 20. Someone who owns, operates, and takes the risk of a business venture.
  9. 21. An amount paid for the use of money for a period of time.
Down
  1. 1. A formal written document that describes the nature of a business and how it will operate.
  2. 2. An account used to summarize the owner’s equity in a business.
  3. 3. The principles of right and wrong that guide an individual in making decisions.
  4. 4. The difference between assets and liabilities.
  5. 6. The process of planning, recording, analyzing, and interpreting financial information.
  6. 9. Financial rights to the assets of a business.
  7. 10. The cost of goods or services used to operate a business.
  8. 14. An increase in equity resulting from the sale of goods or services.
  9. 15. Anything of value that is owned.
  10. 16. The name given to an account.
  11. 17. An amount owed.
  12. 19. A business owned by one person.