Across
- 3. an economic event that is recorded in the accounting records because it changes the financial position of the organization
- 8. a collection of all business accounts
- 10. the left side of an account
- 11. the procedure of transferring journal entries to the ledger
- 12. current obligations to make future payments of assets or services
- 13. a word that describes the nature of accounting activities
- 15. the right side of an account
- 17. the type of journal entry that affects three or more accounts
- 18. an association of two or more persons to carry on as co-owners
- 21. the increase in assets, or decrease in liabilities, that result from business activities that are done to earn profit
- 22. a record of increases and decreases in a specific asset, liability, or OE item; often represented by a T
- 23. the set of accounting standards that indicate how to report economic events
- 24. resources owned that are expected to provide future benefit
Down
- 1. __________ accounting equation
- 2. withdrawals of assets for the owner's personal use
- 4. the information system that identifies, records, and communicates the economic events of an organization
- 5. _______ revenue, created when a customer pays in advance of being provide a service or product
- 6. a small business owned by one person
- 7. the type of liability when a business owner is personally responsible for business debts
- 9. the amount by which expenses are greater than revenues
- 14. a business organized as a separate legal entity
- 16. the book of original entry, where transactions are recorded
- 19. the cost of assets consumed or services used in a company's business activities
- 20. all of the people or entities a company owes money to