Across
- 3. Cost of goods or services to operate a business
- 5. equity- Amount remaining after the value of liabilities subtracted from value of assets
- 7. system- Compile financial data and summarize results in accounting records and reports
- 10. net worth statement- Difference between personal assets and personal liabilities
- 12. business- Business that performs activities for a fee
- 16. Planning, recording, analyzing, and interpreting financial information
- 17. Assets taken from the business for the owners personal use
- 18. Difference between assets and liabilities
- 20. Amount owed
- 23. Generally accepted accounting principles
- 24. balance- Differences between the increases and decreases in an account
- 26. Activity that changes assets, liabilities, or owners’ equity
- 27. Financial rights to the assets of a business
Down
- 1. ethics- Use of ethics in making business decisions
- 2. Increase in equity from sales of goods and services
- 4. plan-A formal written document that describes the nature of a business and how it operates
- 6. equation- Equation of the relationship among assets, liabilities, and owners’ equity
- 8. on account- Sale for which payment is received at a later date
- 9. Business owned by one person
- 11. worth statement- Reports that shows what an individual owns, owes, and the difference between the two
- 13. account- Account used to summarize owner’s equity in a business
- 14. Principles of right and wrong to guide individuals in decision making
- 15. Anything that is owned
- 19. statements- Summarizes the financial conditions and operations of a business
- 21. title- Name given to an account
- 22. Person or business to whom a liability is owed
- 25. Record that summarizes all the transaction pertaining to a single item in the accounting equation