Basic Accounting Terms (Ch 1 & 2)

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Across
  1. 2. an increase in owner's equity resulting from the business operations
  2. 4. assets + liabilities
  3. 6. a decrease in owner's equity resulting from the operation of a business
  4. 7. an amount owed by a business
  5. 10. organized summaries of a business's financial activities
  6. 12. an account recorded on the left side of a T account
  7. 13. planning, recording, analyzing, and interpreting financial information
Down
  1. 1. planned process for providing financial information that will be useful to management
  2. 3. the side of the account that is increased
  3. 4. anything of valued that is owned
  4. 5. value of assets minus liabilities
  5. 8. a record summarizing all the information pertaining to a single item in the accounting equation
  6. 9. a business activity that changes assets, liabilities or owner's equity
  7. 11. an account recorded on the right side of a T account
  8. 14. account used to summarize the owner's equity in the business