Accounting Unit 1 Vocab

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Across
  1. 5. Financial rights to the assets of a business.
  2. 6. Financial reports that summarize the financial condition and operations of a business.
  3. 12. The difference between the increases and decreases in an account.
  4. 15. an amount owed.
  5. 18. The amount remaining after the value of all liabilities is subtracted from the value of all assets.
  6. 23. The equation showing the relationship among assets, liabilities, and owner's equity.
  7. 24. A person or business to whom a liability is owed.
  8. 25. Anything of value that is owned
  9. 26. The difference between assets and liabilities.
  10. 27. The use of ethics in making business decisions.
  11. 29. A sale for which payment will be received at a later date.
Down
  1. 1. The name given to an account.
  2. 2. An increase in equity resulting from the sale of goods or services.
  3. 3. A record that summarizes all the transactions pertaining to a single item in the accounting equation.
  4. 4. The process of planning, recording, analyzing, and interpreting financial information.
  5. 7. A planned process designed to compile financial data and summarize the results in accounting records and reports.
  6. 8. The principles of right and wrong that guide an individual in making decisions.
  7. 9. A business that performs an activity for a fee.
  8. 10. The standards and rules that accountants follow while recording and reporting financial activities and commonly referred to as Generally Accepted Accounting Principles.
  9. 11. An account used to summarize the owner's equity in a business.
  10. 13. The cost of goods or services used to operate a business.
  11. 14. A formal written document that describes the nature of a business and how it will operate.
  12. 16. An amount paid for the use of money for a period of time.
  13. 17. A business owned by one person.
  14. 19. Assets taken from the business for the owner's personal use.
  15. 20. Interest paid on an original amount deposited in a bank plus any interest that has been paid.
  16. 21. A formal report that shows what an individual owes, and the difference between the two.
  17. 22. The difference between personal assets and personal liabilities.
  18. 28. What accountants call any business activity that changes assets, liabilities, or owner's equity.