Across
- 3. __________ accounting equation
- 7. an economic event that is recorded in the accounting records because it changes the financial position of the organization
- 9. a business organized as a separate legal entity
- 10. a small business owned by one person
- 12. the increase in assets, or decrease in liabilities, that result from business activities that are done to earn profit
- 14. resources owned that are expected to provide future benefit
- 15. the type of liability when a business owner is personally responsible for business debts
- 16. withdrawals of assets for the owner's personal use
Down
- 1. current obligations to make future payments of assets or services
- 2. _______ revenue, created when a customer pays in advance of being provide a service or product
- 4. the information system that identifies, records, and communicates the economic events of an organization
- 5. the set of accounting standards that indicate how to report economic events
- 6. the cost of assets consumed or services used in a company's business activities
- 8. the amount by which expenses are greater than revenues
- 11. an association of two or more persons to carry on as co-owners
- 13. all of the people or entities a company owes money to