Chapter 1 -Accounting

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Across
  1. 3. The amount remaining after the value of all liabilities is subtracted from the value of all assets
  2. 4. Financial rights to the assets of a business
  3. 6. Anything of value that is owned
  4. 10. Organized summaries of a business's financial activities.
  5. 11. The account used to summarizes the owner's equity in a business.
  6. 13. A record that summarizes all the transactions.
  7. 14. A planned process designed to compile financial data and summarize the results in accounting records and reports.
  8. 15. An equation showing the relationship among assets, liabilities, and owner's equity.
Down
  1. 1. A business that performs an activity for a fee
  2. 2. A business owned by one person
  3. 5. SHEET A financial statement that reports assets, liabilities, and owner's equity on a specific date.
  4. 7. Any business activity that changes assets, liabilities, or owner's equity.
  5. 8. An amount owed by a business.
  6. 9. BALANCE The amount in an account.
  7. 12. The process of planning, recording, analyzing, and interpreting financial information.
  8. 14. TITLE The name given to an account.